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Cities Where Home Prices are Actually Falling

Cities Where Home Prices are Actually Falling

Updated: by Michael Gurtzweiler | Leave a comment

Cities Where Home Prices are Actually Falling
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Why it Matters
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38. St. George, UT
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37. Kalamazoo-Portage, MI
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36. Le Mars, IA
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35. Carson City, NV
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34. Indiana, PA
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33. Cincinnati, OH-KY-IN
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32. Oshkosh-Neenah, WI
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31. Huntington, IN
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30. Cape Coral-Fort Myers, FL
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29. Amherst Town-Northampton, MA
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28. Boone, NC
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27. Mountain Home, ID
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26. Fort Collins-Loveland, CO
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25. Rockingham, NC
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24. Lancaster, PA
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23. Harrison, AR
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22. Naples-Marco Island, FL
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21. Cedar Rapids, IA
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20. Oak Harbor, WA
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19. Laurinburg, NC
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18. Worthington, MN
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17. McComb, MS
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16. Coldwater, MI
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15. Cornelia, GA
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14. Payson, AZ
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13. Victoria, TX
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12. Sandusky, OH
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11. Enid, OK
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10. Mount Pleasant, TX
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9. Brookings, OR
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8. Wichita, KS
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7. Granbury, TX
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6. Santa Fe, NM
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5. Clearlake, CA
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4. Tullahoma-Manchester, TN
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3. Sparta, WI
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2. Grand Junction, CO
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1. Fairmont, WV
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Cities Where Home Prices are Actually Falling
Why it Matters
38. St. George, UT
37. Kalamazoo-Portage, MI
36. Le Mars, IA
35. Carson City, NV
34. Indiana, PA
33. Cincinnati, OH-KY-IN
32. Oshkosh-Neenah, WI
31. Huntington, IN
30. Cape Coral-Fort Myers, FL
29. Amherst Town-Northampton, MA
28. Boone, NC
27. Mountain Home, ID
26. Fort Collins-Loveland, CO
25. Rockingham, NC
24. Lancaster, PA
23. Harrison, AR
22. Naples-Marco Island, FL
21. Cedar Rapids, IA
20. Oak Harbor, WA
19. Laurinburg, NC
18. Worthington, MN
17. McComb, MS
16. Coldwater, MI
15. Cornelia, GA
14. Payson, AZ
13. Victoria, TX
12. Sandusky, OH
11. Enid, OK
10. Mount Pleasant, TX
9. Brookings, OR
8. Wichita, KS
7. Granbury, TX
6. Santa Fe, NM
5. Clearlake, CA
4. Tullahoma-Manchester, TN
3. Sparta, WI
2. Grand Junction, CO
1. Fairmont, WV

Cities Where Home Prices are Actually Falling

In recent years, a number of intertwined economic forces have created one of the worst markets for prospective homebuyers in memory. In an effort to bring down inflationary pressures, the Federal Reserve has hiked interest rates, resulting in higher borrowing costs for mortgage holders. Since September 2022, the average interest on a 30-year fixed-rate mortgage has exceeded 6%, a threshold not previously seen in nearly a decade and a half.

Key Points

  • America's housing affordability crisis has continued into 2025, and according to a recent study, an estimated 75% of U.S. households are unable to afford a typical home in today's market.
  • Still, location matters when it comes to real estate, and in certain parts of the country, home prices have come down meaningfully in the last year.
  • A house is the biggest investment millions of Americans will ever make, and a financial advisor can be the best way for those in the market to remain within their budget. Click here to get started now.

Even more notable than rising mortgage rates has been the staggering surge in home prices. Due in large part to inventory shortages and rising demand during the COVID-19 pandemic, home prices are 50% higher today than they were just five years ago, according to the Case-Shiller U.S. National Home Price Index.

Encouragingly, home prices appear to have plateaued in recent months. Over the last year, the median list price among all homes on the market increased by less than 1%, from $429,950 to $431,250. Additionally, in dozens of cities across the United States, list prices are even coming down — making home ownership in these places more affordable to a larger share of prospective buyers.

Using data from Realtor.com, 24/7 Wall St. identified the cities where home prices are actually falling. Metro areas are ranked on the relative change in median list prices from April 2024 to April 2025, the most recent one-year period of available data. Only metro areas where median list prices are down by at least 7% year-over-year were considered, and metro areas flagged by Realtor.com for possible data quality issues were excluded from analysis. All supplemental data in this story is also from Realtor.com.

Among the 38 cities on this list, home prices have decreased by anywhere from 7% to nearly 10% over the last year. The largest share of these cities — 14 out of 38 — are located in the South, including three each in North Carolina and Texas. Another 11 cities on this list are in the Midwest and 10 are in the West, while only three are located in the Northeast. (Here is a look at the states with the most expensive housing markets.)

Falling prices in these places may be due, at least in part, to the kinds of homes that are being put up for sale. Within any given market, larger homes often command higher prices, and in nearly every city on this list, the typical listed home is smaller than the typical home on the market was a year ago.

It is important to note that, despite recent declines, the median list price in several of these cities is still prohibitively high for a majority of Americans. Of the 38 metro areas on this list, 12 still have a median list price that exceeds the national median. (Here is a look at the least affordable housing market in every state.)

These are the cities where home prices are actually falling.

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