The 10 Cities with the Biggest Drop in Home Prices 2023

The 10 Cities with the Biggest Drop in Home Prices 2023

The property market now differs greatly from the booming market. A greater proportion of today's homes are lingering on the market rather than selling as soon as they are posted, and to the dismay of homeowners, their values are dropping. Some regions of the country have been more severely affected by the decline in property values than others, even though much of the country has seen this trend. These ten cities suffered the most extreme house price declines between 2022 and 2023, according to the S&P; CoreLogic Case-Shiller Index, which gauges real estate values in the United States.

The cost of buying a property in one of these locations may soon decrease, relieving financial hardship to calculate with the help of Financial calculator for purchasers who have been priced out of the market thus far.

1. Las Vegas, Nevada

Compared to the rest of the country, cities in the West have seen the greatest decline in home prices. Las Vegas is no different.

Vegas properties are still incredibly expensive despite the recent reduction in value; given the price surge caused by the epidemic, a 1.3% drop is nothing. Though, the Value Calculator is here to know the details of reduction value. Time will tell if further precipitous drops are on the road.

2. Washington, D.C

Homeowners in the District of Columbia might anticipate a sale at or over the asking price during the pandemic: Sellers received an Average of 101% of their initial asking price in August 2021, frequently following a bidding war.

Things were different by August of this year. The RE/MAX National Housing Report showed that sellers in Washington, D.C., obtained close to 84% of asking prices.

3. Dallas, Texas

The cost of homes in Dallas is starting to decline. Higher inventory accounts for part of the drop. For instance, a Collin County Association of Realtors report shows that the housing inventory in Collin County, which includes a portion of the Dallas-Fort Worth area, has increased by 77.3% over the previous year.

4. Portland, Oregon

Along with the rest of the nation, the housing market in Portland is slowing. Even with the current price drop, it isn't easy to buy a property here. According to the Portland Business Journal, homes must be within reach for families and anyone earning less than six figures.

5. Phoenix, Arizona

Prices are falling in Phoenix, and homes stay on the market longer. Redfin reports that properties were spending an average of 43 days on the market by September, an increase of 17 days over the same period last year.

6. Denver, Colorado

Denver's monthly price reduction of 2.3% did not prevent the city from recording the highest-ever median and average closing prices for September. The figures from the previous year are still robust, but things might be shifting. More inventory is being added to the market, and buyers are becoming more cautious as they look for a property.

7. Los Angeles, California

Early summer is often when the Los Angeles housing market increases. Prices fell 1.6% between 2022 and 2023 and 2.3% between July and August. The City of Angels is only one of numerous California locations where prices fall.

8. San Diego, California

Since June, home values in San Diego have fallen precipitously, like those in Los Angeles. Prices fell 2.6% from June to July and another 2.8% from July to August. Redfin described 

the market as "somewhat competitive" in September, noting that properties typically received three offers and were purchased after 26 days on the market.

9. Seattle, Washington

Between 2022 and 2023, prices in the Seattle real estate market fell sharply, but it doesn't imply the area's infamously expensive homes are now within reach of most people. In August, the median house price in Seattle increased 9.9% over the previous year. However, further price cuts might be on the way.

10. San Francisco, California

Of all the cities in the country, San Francisco's property prices are declining the quickest. However, the Bay Area is still a famously costly location to live. That is likely to remain the same for a while. To make homes a little more accessible, prices are expected to continue to decline.

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