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...

Aug 7, 2022 - 21:02

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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%

Between March 2020 and June 2022, house prices increased more than 30%

2. Austin, Texas

Median home list price: $620,000
Percentage of listings with price reductions: 32.4%

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Between March 2020 and June 2022, house prices shot up more than 66%