While the housing market has seen a slowdown across the U.S., some cities are experiencing a more significant decline in home values. Here are 19 cities in the United States where home values are currently plummeting, much to the dismay of new homeowners:
San Francisco, California
Home values in San Francisco have fallen by over 13% in the past year, making it the city with the most significant year-over-year decline in the country. The high cost of living, combined with an exodus of tech workers, is contributing to the decline.
New Orleans, Louisiana
The housing market in New Orleans, famed for its lively Mardi Gras spirit and deep historical roots, has encountered a 9.0% decline. The average property value decreased from $275,889 to $251,095, representing a loss of $24,794 per property. This downward trend reflects the ongoing challenge faced by the city in balancing its cultural heritage with current economic demands.
Seattle, Washington
Home values in Seattle have fallen by over 8% in the past year. The decline is due to a combination of factors, including the high cost of living, an economic slowdown, and an increase in the number of homes on the market.
Austin, Texas
New homeowners in Austin have seen their house prices fall by over 8% in the past year. The reduction is mainly due to rising interest rates, an overheated housing market, and a slowdown in the tech industry in this once-bustling city.
Cleveland, Ohio
Cleveland, home to the Rock and Roll Hall of Fame and a lively cultural scene saw a 4.1% decline in its housing market. The average property price fell from $123,000 to $118,000, representing a decrease of $5,000 per property. This downward trend coincides with the city’s ongoing economic adjustments and initiatives to attract new residents.
Nashville, Tennessee
Home values in Nashville have fallen by over 6% in the past year. The worrying decline is, like other cities, due to the cost of living crisis coupled with interest rates and a slowdown in the job market.
Los Angeles, California
The Los Angeles housing market experienced a decline in property values exceeding 5% over the past year. This decrease is attributed to various factors, including a high cost of living. Los Angeles consistently ranks among the most expensive cities in the United States, making homeownership less attainable for some buyers.
Phoenix, Arizona
The housing market in Phoenix experienced a decline in property values exceeding 5% over the past year. This downward trend is attributed to rising interest rates and previously rapid price growth. The market may have seen a period of unsustainable price increases, leading to a correction.
Detroit, Michigan
Detroit, known for its iconic car industry and Motown sounds, saw its housing market decline by 7.9%. The average property value dropped from $69,798 to $64,277, representing a loss of $5,521 per property. This change coincides with the city’s ongoing revitalization efforts aimed at attracting new residents and investments.
Salt Lake City, Utah
Over the past year, home values in Salt Lake City decreased by more than 4%. This concerning decrease is mainly due to increased borrowing costs that can make purchasing a home less affordable for buyers. Additionally, shifts in the local economy can impact potential buyers’ financial stability and willingness to purchase.
Memphis, Tennessee
The vibrant Memphis estate market has experienced a significant dip, with the average price of single-family homes and condos dropping a noteworthy 17.1%, from $205,000 to $170,000. This translates to an average loss of $35,000 per property, roughly equating to a daily decline of $96.
San Jose, California
The value of homes in San Jose has fallen by over 11% in the past year. Similar to San Francisco, the decline is driven by the high cost of living and a slowdown in the tech industry. Concerns about a potential recession have reduced buyer confidence and willingness to invest in expensive assets like homes.
Atlanta, Georgia
Atlanta, a bustling economic and cultural center, felt the effects of the broader housing market slowdown. The average property price dipped by 8.4%, an average which represents a decline of $44,000 per property, highlighting a notable shift in a city previously known for its thriving real estate scene.
Portland, Oregon
Home values in Portland have fallen by over 5% in the past year. The decline is due to several factors, including rising interest rates, an overheated housing market, and a slowdown in the job market.
Kansas City, Missouri
Kansas City, known for its great food and entertainment, experienced a 7.0% decline in its housing market. The average property price fell from $280,000 to $260,500, and this downward trend indicates a cooling-off period for a previously hot market.
Oakland, California
Oakland, the dynamic and diverse city across the bay from San Francisco, saw a 6.8% decrease in its housing market. The average property had a loss of $62,988 per property. This downward trend aligns with the broader slowdown observed in California’s high-cost housing market.
San Antonio, Texas
San Antonio, famed for its historic Alamo and vibrant Spanish heritage, experienced a 5.0% decline in its housing market. The average property value fell from $289,500 to $275,000, representing a loss of $14,500 per property.
Denver, Colorado
The past year has seen a decline in Denver’s housing market, with property values dropping over 7%. This decrease can be attributed to several factors, including interest rates, higher-than-usual unemployment, and a natural slowing down of the property market.
Colorado Springs, Colorado
The housing market in Colorado Springs, situated near the scenic Rocky Mountains, experienced a 3.2% decline. The average property price dropped from $465,718 to $450,715, translating to a decrease of $15,003 per property. This downward trend suggests a slowdown in the market for the city known for its natural beauty and expanding technology sector.
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