Here’s a list of US cities you may actually be able to afford after plummeting home prices
By Realtor.com,
1 days ago
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%
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Local News
Comments / 0