Cities Where Home Prices Are Dropping the Most
Since it began in the spring of 2020, the COVID-19 pandemic has been affecting everything—including housing prices. Early on, several parts of the country had an influx of out-of-state buyers who were living in cities and looking for a...
Photo: Laura Gangi Pond (Shutterstock)
Since it began in the spring of 2020, the COVID-19 pandemic has been affecting everything—including housing prices. Early on, several parts of the country had an influx of out-of-state buyers who were living in cities and looking for a bit more space. Their house prices went up, but recently, thanks to inflation and higher mortgage rates, homes in some areas are no longer commanding the record-breaking prices they were even a few months ago.
According to a report from Realtor.com, these are the 10 cities where sellers are reducing home prices the most.
1. Reno, Nevada
Median home list price: $677,500
Percentage of listings with price reductions: 32.6%
2. Austin, Texas
Median home list price: $620,000
Percentage of listings with price reductions: 32.4%
G/O Media may get a commission
28% off
Lenovo Smart Clock
Way more than a clock.
The Lenovo Smart Clocks have Google Assistant built-in—let Google check your calendar, read the weather, or check compatible smart cameras before bed.
3. Phoenix, Arizona
Median home list price: $548,500
Percentage of listings with price reductions: 29.5%
4. Anchorage, Alaska
Median home list price: $436,00
Percentage of listings with price reductions: 28.5%
5. Boise, Idaho
Median home list price: $587,900
Percentage of listings with price reductions: 27.4%
6. Ogden, Utah
Median home list price: $580,100
Percentage of listings with price reductions: 27.4%
7. Sacramento, California
Median home list price: $642,500
Percentage of listings with price reductions: 25.2%
8. Colorado Springs, Colorado
Median home list price: $550,000
Percentage of listings with price reductions: 25.1%
9. Evansville, Indiana
Median home list price: $246,000
Percentage of listings with price reductions: 24.7%
10. Medford, Oregon
Median home list price: $562,500
Percentage of listings with price reductions: 23.2%