{"id":4811,"date":"2024-03-08T23:50:38","date_gmt":"2024-03-08T23:50:38","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/03\/08\/looking-for-a-deal-check-out-the-10-housing-markets-where-home-prices-are-falling-the-most\/"},"modified":"2024-03-08T23:50:38","modified_gmt":"2024-03-08T23:50:38","slug":"looking-for-a-deal-check-out-the-10-housing-markets-where-home-prices-are-falling-the-most","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/03\/08\/looking-for-a-deal-check-out-the-10-housing-markets-where-home-prices-are-falling-the-most\/","title":{"rendered":"Looking for a Deal? Check Out the 10 Housing Markets Where Home Prices Are Falling the Most"},"content":{"rendered":"

<\/a><\/p>\n

Realtor.com \/ Getty Images<\/p>\n

<\/p>\n

Who doesn\u2019t love a deal? Homebuyers certainly do.<\/p>\n

With home prices and mortgage rates uncomfortably high<\/a>, many aspiring homebuyers are desperate to find ways to save money on what might be the largest purchase they will ever make.<\/p>\n

Nationally, home prices rose 0.3% year over year in February, to a median of $415,500, according to Realtor.com\u00ae<\/a> data. But there are places where home prices are falling.<\/p>\n

Yes, you read that correctly.<\/p>\n

Homebuyers can save a pretty penny in these housing markets, which span the pricey West Coast to the more affordable South and Midwest regions of the country, according to a recent Realtor.com report<\/a>.<\/p>\n

\u201cA lot of the [housing] inventory that\u2019s coming onto the market is in a more affordable price tier,\u201d says Realtor.com Chief Economist Danielle Hale<\/strong>. \u201cWhen you have more affordable listings coming onto the market<\/a>, it\u2019s also going to push down the overall price.\u201d<\/p>\n

The number of homes for sale<\/a> increased in all but two of these markets. When there are more options for buyers to choose from, that also helps to keep prices in check.<\/p>\n

To come up with its findings, the Realtor.com economics team compared median list prices in February 2024 with February of 2023 in the 50 largest metropolitan areas.<\/p>\n

Why home prices have come down by so much in Miami<\/h2>\n

The COVID-19 pandemic hot spot of Miami<\/a> experienced the largest price declines. The median home list price fell 8.2% year over year, to a median price of $550,000 in February. Meanwhile, the number of homes for sale in the metro shot up 37.4% in February compared with the same month a year earlier.<\/p>\n

The price drops are a sharp, 180-degree turn for the Magic City. Prices surged along with the temperatures over the past few years as more folks from other parts of the country moved to the metro.<\/p>\n

\u201cThere was a COVID craze the last few years. We had so many people come from New York and California,\u201d says Sam DeBianchi<\/strong>, a Realtor\u00ae at DeBianchi Real Estate in Fort Lauderdale, FL. She also does business in nearby Miami.<\/p>\n

More than 117,000 New Yorkers moved to Florida in 2021 and 2022, according to figures from the Florida Department of Highway Safety and Motor Vehicles. In 2023, 53,581 moved into the state.<\/p>\n

Prices in the metro spiked, hitting a high of $625,000 in June, representing a staggering 56% increase over just two years. But what goes up must eventually come down.<\/p>\n

\u201cSellers over the last few years were really inflating their asking prices because they were getting them,\u201d says DeBianchi. \u201cThis year is really when reality has hit, and you\u2019re seeing those price drops. I don\u2019t think it\u2019s anything to panic over. Most sellers are still making money. They\u2019re just not making as much money.\u201d<\/p>\n

The rising cost of insurance is also bringing home prices down in the coastal Miami area.<\/p>\n

\u201cFlorida\u2019s condo market is faltering as the increasing intensity of natural disasters pushes up home insurance costs, and HOA fees soar in the wake of the 2021 Surfside condo collapse<\/a>,\u201d says luxury real estate agent Jenny Lenz<\/strong>. She is the managing director of Dolly Lenz Real Estate. \u201cNew condo listings are soaring as sellers try to offload their properties.\u201d<\/p>\n

Where home prices are falling across America<\/h2>\n

Several traditionally more affordable, Midwestern markets also saw prices fall. Hale attributed the price cuts in Oklahoma City<\/a>, Cincinnati<\/a>, and Kansas City, MO,<\/a> as a result of more smaller, cheaper homes going up for sale. This has helped to drag down the median list prices in these metros.<\/p>\n

Prices are also down in some of the nation\u2019s priciest metros on the West Coast. Median home list prices slipped 2.3% in San Jose, CA<\/a>, the heart of Silicon Valley, and ticked down 1.3% in San Francisco<\/a>.<\/p>\n

\u201cThose areas are very closely tied to the technology industry, and tech has been on a bit of a roller coaster over the last couple of years,\u201d says Hale.<\/p>\n

Prices fell sharply in those metros during the pandemic as workers who were newly permitted to work remotely moved to cheaper parts of the country. Then as these areas rebounded, the tech industry was rocked by layoffs. Now, many tech companies in the area are focusing on artificial intelligence.<\/p>\n

\u201cYou had some excitement about what AI might mean for the Bay Area, and some sellers might be trying to capitalize on that,\u201d says Hale. \u201cNew listings are also up in the [San Francisco] Bay Area.<\/p>\n

\u201cWe\u2019re at a point in time where your experience in the real estate market depends on where you are,\u201d says Hale. \u201cIt\u2019s more local now than it has been at other points of time.\u201d<\/p>\n

These are the cities where home prices are falling the most:<\/p>\n

1. Miami, FL<\/a><\/h2>\n

Nab this split-level for $549,000.<\/p>\n

Realtor.com<\/p>\n

February median home list price: $550,000<\/strong>
\nMedian list price year over year: -8.2%<\/strong><\/p>\n

2. Oklahoma City, OK<\/a><\/h2>\n

A new-construction home for $319,990<\/p>\n

Realtor.com<\/p>\n

February median home list price: $323,000<\/strong>
\nMedian list price year over year: -7.4%<\/strong><\/p>\n

3. Cincinnati, OH<\/a><\/h2>\n

<\/a>A beautiful Cape Cod\u2013style home for $295,000<\/p>\n

Realtor.com<\/p>\n

February median home list price: $337,000<\/strong>
\nMedian list price year over year: -6.4%<\/strong><\/p>\n

4. Kansas City, MO<\/a><\/h2>\n

<\/a>A storybook home for $399,000<\/p>\n

Realtor.com<\/p>\n

February median home list price: $421,000<\/strong>
\nMedian list price year over year: -4.9%<\/strong><\/p>\n

5. Denver, CO<\/a><\/h2>\n

<\/a>Enjoy trendy city living for $595,000.<\/p>\n

Realtor.com<\/p>\n

February median home list price: $610,000<\/strong>
\nMedian list price year over year: -3.6%<\/strong><\/p>\n

6. San Jose, CA<\/a><\/h2>\n

<\/a>A ranch home for $988,000<\/p>\n

Realtor.com<\/p>\n

February median home list price: $1.367 million<\/strong>
\nMedian list price year over year: -2.3%<\/strong><\/p>\n

7. Raleigh, NC<\/a><\/h2>\n

<\/a>A three-bedroom home for $296,000<\/p>\n

Realtor.com<\/p>\n

February median home list price: $440,000<\/strong>
\nMedian list price year over year: -2.2%<\/strong><\/p>\n

8. San Antonio, TX<\/a><\/h2>\n

<\/a>A new-construction home for $323,990<\/p>\n

Realtor.com<\/p>\n

February median home list price: $335,000<\/strong>
\nMedian list price year over year: -1.5%<\/strong><\/p>\n

9. San Francisco, CA<\/a><\/h2>\n

<\/a>Get this colorful home for $898,000.<\/p>\n

Realtor.com<\/p>\n

February median home list price: $989,000<\/strong>
\nMedian list price year over year: -1.3%<\/strong><\/p>\n

10. Portland, OR<\/a><\/h2>\n

<\/a>A midcentury modern home for $585,000<\/p>\n

Realtor.com<\/p>\n

February median home list price: $600,000<\/strong>
\nMedian list price year over year: -1.2%<\/strong><\/p>\n

The post Looking for a Deal? Check Out the 10 Housing Markets Where Home Prices Are Falling the Most<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Realtor.com \/ Getty Images Who doesn\u2019t love a deal? Homebuyers certainly do. With home prices and mortgage rates uncomfortably high, many aspiring homebuyers are desperate to find ways to save money on what might be the largest purchase they will ever make. Nationally, home prices rose 0.3% year over year in February, to a median…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=4811"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4812"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4811"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}