Attention potential homebuyers seeking a great deal – we have some exciting news to share! Even though home prices increased by 0.3% year over year in February to a median of $415,000, some markets are experiencing a decrease in home prices.
“Much of the housing inventory being listed is in a more budget-friendly price range,” explained Realtor.com Chief Economist Danielle Hale. When more budget-friendly listings become available, it will also lower the overall price.
Based on the data, Miami saw the biggest drop in prices, with the median home list price decreasing by 8.2% year over year to $550,000 in February. At the same time, the quantity of homes available for purchase in the metropolitan area increased by 37.4% in February compared to the previous year.
Two cities in California ranked among the top 10. Home list prices in San Jose dropped by 2.3%, while prices in San Francisco went down by 1.3%.
Prices have decreased in some of the most expensive metropolitan areas on the West Coast. In San Jose, CA, the median home list prices decreased by 2.3%, while in San Francisco (#9), they went down by 1.3%.
“Those regions have a strong connection to the technology sector, which has experienced fluctuations in recent years,” Hale commented.
The Realtor.com economics team compared median list prices in February 2024 with February 2023 in the 50 largest metropolitan areas to come up with its findings. Presented below are the top 10 cities with the most significant decreases in home prices, as reported by Realtor.com:
Miami, FL
- February median home list price: $550,000
- Median list price year over year: -8.2%
Oklahoma City, OK
- February median home list price: $323,000
- Median list price year over year: -7.4%
Cincinnati, OH
- February median home list price: $337,000
- Median list price year over year: -6.4%
Kansas City, MO
- February median home list price: $421,000
- Median list price year over year: -4.9%
Denver, CO
- February median home list price: $610,000
- Median list price year over year: -3.6%
San Jose, CA
- February median home list price: $1.367 million
- Median list price year over year: -2.3%
Raleigh, NC
- February median home list price: $440,000
- Median list price year over year: -2.2%
San Antonio, TX
- February median home list price: $335,000
- Median list price year over year: -1.5%
San Francisco, CA
- February median home list price: $989,000
- Median list price year over year: -1.3%
Portland, OR
- February median home list price: $600,000
- Median list price year over year: -1.2%
Also Read: These are 6 Most Liberal Cities in Idaho for 2024
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