The 10 Suburbs Where Home Prices Went Down the Most in 2024

Kirk Wester / Getty Images/iStockphoto

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

There are a lot of great things to be said about living in a major urban hotspot in the U.S. You’ve got tons of shops and restaurants to choose from, elements of cultural diversity and a charge of excitement running through the air. 

But city life isn’t for everyone, particularly not for those who want a larger space for their family or who just prefer a more peaceful atmosphere — such as that which may be found on a quiet lane in a sprawling suburb. If you’re thinking about moving to the ‘burbs, but wondering whether you can comfortably afford it (though suburbs can be cheaper than the city, they can still be wildly expensive, depending on the location), you may want to consider suburbs where home prices are dropping. 

In a new study, GOBankingRates analyzed suburbs across the U.S. to find the 10 suburbs with the largest decreases in home values in 2024. 

10. Des Allemands, Louisiana 

• Total population: 2,340 
• Livability: 61
• Home value on Dec. 31, 2023: $204,348 
• Home value on Oct. 31, 2024: $200,175  
• Change in home value in 2024 (percentage): -2.04%

9. Maurice, Louisiana 

• Total population: 2,215  
• Livability: 76
• Home value on Dec. 31, 2023: $260,506 
• Home value on Oct. 31, 2024: $254,156 
• Change in home value in 2024 (percentage): -2.44%

8. Manhattan Beach, California

• Total population: 35,123 
• Livability: 73
• Home value on Dec. 31, 2023: $3,077,641 
• Home value on Oct. 31, 2024: $2,999,726 
• Change in home value in 2024 (percentage): -2.53%

7. Hermosa Beach, California

• Total population: 19,551  
• Livability: 72
• Home value on Dec. 31, 2023: $2,319,385 
• Home value on Oct. 31, 2024: $2,255,959 
• Change in home value in 2024 (percentage): -2.73%

6. Hahnville, Louisiana 

• Total population: 3,795  
• Livability: 56
• Home value on Dec. 31, 2023: $247,654 
• Home value on Oct. 31, 2024: $239,907 
• Change in home value in 2024 (percentage): -3.13%

5. Arden, Delaware 

• Total population: 652 
• Livability: 71
• Home value on Dec. 31, 2023: $419,431 
• Home value on Oct. 31, 2024: $405,244 
• Change in home value in 2024 (percentage): -3.38%

4. West Lake Hills, Texas 

• Total population: 3,360 
• Livability: 70
• Home value on Dec. 31, 2023: $2,095,031 
• Home value on Oct. 31, 2024: $2,021,845 
• Change in home value in 2024 (percentage): -3.49%

3. Floydada, Texas

• Total population: 2,670 
• Livability: 74
• Home value on Dec. 31, 2023: $69,938 
• Home value on Oct. 31, 2024: $67,406 
• Change in home value in 2024 (percentage): -3.62%

2. Santa Monica, California

• Total population: 92,168 
• Livability: 73
• Home value on Dec. 31, 2023: $2,487,907 
• Home value on Oct. 31, 2024: $2,368,094 
• Change in home value in 2024 (percentage): -4.82%

1. Bronxville, New York 

• Total population: 6,570 
• Livability: 80
• Home value on Dec. 31, 2023: $1,732,290 
• Home value on Oct. 31, 2024: $1,572,661 
• Change in home value in 2024 (percentage): -9.21%

Methodology: For this study, GOBankingRates analyzed suburbs across the United States to find the suburbs with the largest increase and largest decrease in home value in 2024. First, GOBankingRates found 740 suburbs from Niche.com’s Best Suburbs in America of 2024. For each location a number of factors were found including; total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. Using this data, the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost of living indexes. Using the cost of living indexes for grocery, healthcare, utilities, transportation and miscellaneous as well as the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location and included as supplemental information. The average single-family home value was sourced from Zillow Home Value Index for October 2024 and December 2023. To qualify for this study, each location had to have all the data available. Using the average single-family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The difference in home value from Dec. 31, 2023, to Oct. 31, 2024, can be calculated for dollar value and percentage change. Out of the 536 suburbs remaining, the top 10 suburbs for highest dollar price drop, highest percentage price drop, highest dollar price gain and highest percentage price gain were all ranked to find the suburbs where home prices have gone up the most and went down the most in 2024.

Share This Article: