Home Prices Are Falling Fast in These 25 U.S. Cities

The good news is that the final quarter of 2023 saw a small yet notable dip in home prices and mortgage rates, suggesting those encouraging trends may continue. This is according to a recent report from the National Association of Realtors, who analyzed the median sale prices of single-family homes in various metropolitan areas across the country. If you’re looking to make a move in the near future, then consider these 25 U.S. cities where home prices are falling fast.

25. Lakeland, Florida: -0.8%

Lakeland is a community located between Tampa and Orlando in Central Florida. Sales dipped on average from $338,300 in Q4 of 2022 to $335,600 in Q4 of 2023, resulting in a change of -0.8%.

24. Santa Fe, New Mexico: -0.9%

The capital city of New Mexico saw its average home drop by 0.9% between the end of 2022 and end of 2023. Homes that originally cost $635,200 on average now cost more around $629,700.

23. Baton Rouge, Louisiana: -1.6%

Baton Rouge is yet another state capital that saw its average single-family home prices drop year over year. Prices fell from $267,100 to around $262,900 — a -1.6% difference.

22. St. George, Utah: -1.7%

St. George, Utah, is a town located on the southern border adjacent to Arizona and is mere miles from the beautiful Zion National Park. Home prices recently dropped by 1.7%, falling from $550,700 in Q4 of 2022 to $541,600 in Q4 of 2023.

21. Honolulu, Hawaii: -1.9%

Hawaii is notorious for being expensive, but home prices are falling in the capital city of Honolulu. The cost of a single-family home fell from $1,090,200 in 2022 to $1,069,400 in 2023, a change of 1.9%. Still not exactly cheap, though.

20. Eugene, Oregon: -2.0%

Homes in Eugene that once cost $459,500 now cost around $450,400 on average. This 2% change makes Eugene one of the more attractive cities in Oregon for prospective home buyers.

19. Memphis, Tennessee: -2.2%

Memphis, Tennessee, is home to delicious BBQ, the National Civil Rights Museum, and many other incredible attractions. Even still, prices fell by 2.2%, as home prices dipped from around $254,000 to $248,400.

18. Little Rock, Arkansas: -2.3%

There’s clearly a trend among state capitals in decreasing home prices, as Little Rock is another location that saw home sales dip. The cost of a single-family home in Little Rock fell from $204,800 to $200,000, equating to a downward dip of 2.3%.

17. Crestview, Florida: -2.3%

Crestview is located toward the western tip of the Florida Panhandle and also saw home sales drop by 2.3%. The average cost fell from $403,700 to $394,600.

16. Owensboro, Kentucky: -2.4%

Owensboro is a lovely rivertown that sits adjacent to Indiana, where median home sales recently fell from $199,000 to $194,300. This equals a change of -2.4%, placing it among the more affordable metropolitan areas to live anywhere in Kentucky.

15. Austin, Texas: -2.6%

Despite its growing popularity, median home sales in the Austin area remain below $500k and are declining. Prices fell from $478,900 in 2022 to $466,400 in 2023, a change of -2.6%.

14. Myrtle Beach, South Carolina: -2.9%

Myrtle Beach is a beautiful oceanside community in South Carolina where median home sales fell by 2.9% year over year. Homes that used to cost $373,500 now cost closer to $362,500, making it an increasingly attractive place to live.

13. Chico, California: -3.0%

Chico, California, is located in the northern part of the state, surrounded by beautiful nature on every side. Prices here fell by 3% between 2022 and 2023, with median sales dipping from around $419,600 to $407,000.

12. Cape Coral, Florida: -3.5%

Cape Coral is a lovely Florida community located along the Gulf of Mexico. The city saw a substantial change in home sales by about -3.5%, as prices dropped from $414,300 to $400,000 on the nose.

11. Beaumont, Texas: -3.8%

Located far across the Gulf of Mexico is Beaumont, Texas, where prices dipped by 3.8% year over year. Homes that used to sell for $207,300 now sell for under $200k, with a median sales price of $199,400.

10. Sarasota, Florida: -3.9%

Sarasota is yet another Florida city to crack the list. It is located a few dozen miles north of Cape Coral on the Gulf coast. Median home sales dropped by 3.9% from 2022 to 2023 — a decrease from $520,000 all the way down to $499,900.

9. Elmira, New York: -4.2%

Elmira is located in south-central New York state, west of Binghamton and south of Syracuse. Median home sales in the community fell from $148,900 to $142,700, a downward change of 4.2%.

8. San Antonio, Texas: -4.3%

No major metropolitan area in Texas has seen home sales dip more than San Antonio, with a change of -4.3%. The average sales price fell from $329,800 to $315,700.

7. New Orleans, Louisiana: -4.6%

New Orleans is known for its diverse and fascinating culture, as there are few better places in the country to eat great food and enjoy live music. So, it’s a bit surprising that home sales fell by 4.6% between 2022 and 2023 from $275,900 to $262,300.

6. Provo, Utah: -4.8%

Provo is located in the state’s center, along beautiful Utah Lake to the west and Provo Peak to the right. Prices here fell by 4.8%, as sales dipped from $526,400 to about $500,900.

5. Punta Gorda, Florida: -5.5%

Punta Gorda continues the trend of Gulf-adjacent Florida cities with decreasing home prices. The median home sale here fell from $392,800 to $371,000 — a change of 5.5%.

4. Akron, Ohio: -5.6%

Akron is located just a few miles south of the hustle and bustle of Cleveland and is one of the more affordable metropolitan areas to live in Ohio. Sales fell by 5.6% over the course of a single year, dipping from $192,300 to $181,500.

3. Naples, Florida: -5.9%

The waterside community of Naples, Florida, has seen the biggest decrease anywhere in the state in terms of median single-family home sales. Prices fell by 5.9%, dropping from $802,500 to $755,00.

2. Cleveland, Ohio: -8.6%

Cleveland saw a massive decrease in median home sales from 2022 to 2023, beating out nearby Akron by a substantial margin. Sales fell from $208,700 to $190,700, despite the growing cultural and entertainment scene throughout the city of Cleveland.

1. Jackson, Mississippi: -14.1%

The most substantial decrease in the cost of a single-family home in the country is found in Jackson, the capital of Mississippi. Homes that cost $227,500 in 2022 more recently sold for about $195,500 in 2023 — a dip of 14.1%.