Cities Where Home Prices Are Dropping the Most

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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.comthese 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%

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

3. Phoenix, Arizona

Median home list price: $548,500
Percentage of listings with price reductions: 29.5%

  • Between March 2020 and June 2022, house prices increased more than 35%

4. Anchorage, Alaska

Median home list price: $436.00
Percentage of listings with price reductions: 28.5%

  • Between March 2020 and June 2022, house prices increased more than 36%

5. Boise, Idaho

Median home list price: $587,900
Percentage of listings with price reductions: 27.4%

  • Between March 2020 and June 2022, house prices increased more than 53%

6. Ogden, Utah

Median home list price: $580,100
Percentage of listings with price reductions: 27.4%

  • About 40 minutes outside Salt Lake City, but homes cost roughly $50,000 less

7. Sacramento, California

Median home list price: $642,500
Percentage of listings with price reductions: 25.2%

  • Between March 2020 and June 2022, house prices increased more than 22%

8. Colorado Springs, Colorado

Median home list price: $550,000
Percentage of listings with price reductions: 25.1%

  • About an hour outside Denver, but homes cost roughly $130,000 less

9. Evansville, Indiana

Median home list price: $246,000
Percentage of listings with price reductions: 24.7%

  • Between March 2020 and June 2022, house prices increased more than 43%

10. Medford, Oregon

Median home list price: $562,500
Percentage of listings with price reductions: 23.2%

  • Between March 2020 and June 2022, house prices increased more than 28%

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