Where Are Home Prices Plummeting Most?

gregobagel / Getty Images
gregobagel / Getty Images

If the housing market has felt like an ongoing nightmare to potential homeowners over the last couple of years, this headline offers a bit of respite. According to Realtor.com, there are 10 cities across the United States where home prices are starting to fall.

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Also: Should You Still Buy a Home in Today’s Market?

The reason for this decline? Realtor.com said higher mortgage interest rates have thinned out the ranks of buyers who qualify for a home loan. Higher mortgage interest rates have also reduced the price of homes those remaining in the market can afford. As a result, homes are now on the market longer and inventory is beginning to pile up again across the cities reflected in our GOBankingRates infographic.

Here’s a look at the top 10 cities where home prices are steadily plummeting, ending with a popular city experiencing the largest housing market price decrease.

Spokane, Washington

  • Median home list price: $449,900

  • Change since June: -7.4%

  • Change since September 2021: +5.6%

Durham, North Carolina

  • Median home list price: $460,000

  • Change since June: -7.5%

  • Change since September 2021: +2.2%

Stockton, California

  • Median home list price: $581,725

  • Change since June: -7.7%

  • Change since September 2021: +7.3%

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Las Vegas, Nevada

  • Median home list price: $460,000

  • Change since June: -7.9%

  • Change since September 2021: +7%

Denver, Colorado

  • Median home list price: $625,000

  • Change since June: -8.0%

  • Change since September 2021: +4.2%

Ogden, Utah

  • Median home list price: $532,500

  • Change since June: -8.6%

  • Change since September 2021: +7.7%

Charleston, South Carolina

  • Median home list price: $500,000

  • Change since June: -8.6%

  • Change since September 2021: +10%

Palm Bay, Florida

  • Median home list price: $379,995

  • Change since June: -8.9%

  • Change since September 2021: +5.8%

Phoenix, Arizona

  • Median home list price: $493,500

  • Change since June: -9.9%

  • Change since September 2021: +4.4%

Austin, Texas

  • Median home list price in September: $558,275

  • Change since June: -10.3%

  • Change since September 2021: +2.2%

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This article originally appeared on GOBankingRates.com: Where Are Home Prices Plummeting Most?