Here’s a list of US cities you may actually be able to afford after plummeting home prices

Real Estate

Residential real estate is in a constant slipstream of whose market it is: buyer, seller, or often “nobody.”

Now, signs are emerging that a more buyer-friendly market might be on the horizon (even though mortgage rates are on the rise again after plunging last month).

That’s because in more than half of the 50 largest markets in the U.S., median list prices have decreased year over year — in one case by more than 12%, according to the Realtor.com® September Housing Market Report.

This is great news for weary buyers who have long faced affordability headwinds and home prices that soared to a record high of $445,000 in June 2023.

“The median price of homes for sale this September decreased by 1% compared with last year, at $425,000,” says Realtor.com economist Joel Berner. “However, the median price per square foot grew by 2.3%, indicating that the inventory of smaller and more affordable homes continues to grow in share.”

Even better news? Home prices are tumbling in some of the most desirable places to live from coast to coast.

Why prices are decreasing

In Florida, which has four cities in the top 10, the downward shift in pricing comes after a major COVID-19 pandemic boom.

“Remote work trend certainly played a role, but I think many of the people that have come to Florida were more focused on the benefits of no state income tax as well as political ideologies,” says Robert Washington, owner of Savvy Buyers Realty in St. Petersburg, FL.

The influx of new residents drew builders to Florida who added inventory, which helped bring the median price down. (However, in cities such as Miami, median list prices are still 50% higher than before the pandemic.)

It’s also worth noting this data was collected before Hurricanes Helene and Milton ripped through the state.

The downward trend in median list prices is happening on the national level, too, with home prices also falling in popular cities in the Midwest, the West, and the South.

So which markets, in particular, are showing signs of cooling down? Read on to find out.

Miami, FL

Median list price: $525,000
Percentage change year over year: -12.4%

Miami, Florida Getty Images

Cincinnati, OH

Median list price: $337,000
Percentage change year over year: -9.5%

Cincinnati, Ohio Getty Images/iStockphoto

San Francisco, CA

Median list price: $997,500
Percentage change year over year: -8.9%

San Francisco, California Getty Images

Kansas City, MO

Median list price: $389,500
Percentage change year over year: -8.4%

Kansas City, Missouri Getty Images

Austin, TX

Median list price: $520,000
Percentage change year over year: -6.6%

Austin, Texas Getty Images/iStockphoto

Jacksonville, FL

Median list price: $399,000
Percentage change year over year: -6.1%

Jacksonville, Florida Getty Images/iStockphoto

Denver, CO

Median list price: $610,250
Percentage change year over year: -6%

Denver, Colorado Getty Images

Orlando, FL

Median list price: $429,950
Percentage change year over year: -5.6%

Orlando, Florida Getty Images

Tampa, FL

Median list price: $414,948
Percentage change year over year: -5.5%

Tampa, Florida Getty Images

Nashville, TN

Median list price: $547,865
Percentage change year over year: -5.4%

Products You May Like

Articles You May Like

We’re making another trim of a stock under pressure to protect hard-fought profits
Home sales surged in October, just before mortgage rates jumped
Developer gives first look at planned skyscraper near Grand Central Terminal — but lacks key piece to make it a reality
How to Invest $50K in Real Estate As a Beginner
‘RHOC’ star Kelly Dodd and Rick Leventhal sell the Westhampton beach house where they met — for $1.16M

Leave a Reply

Your email address will not be published. Required fields are marked *