10 Cities Where Home Prices Are Falling Most in 2023

After a few years of unprecedented price hikes, buyers searching for a home will be glad to hear home prices are, indeed, falling across specific cities nationwide. 

To determine which cities are experiencing a drop in housing prices, Realtor.com looked at the median price per square foot in the 100 largest metropolitan areas. The median prices in May 2023 were then compared with May 2022 with price per square foot used as the most reliable metric for tracking home price movement.

Here are the 10 cities where home prices are falling the most in 2023.

• Median listing price: $376,000
• Median listing price per square foot: $205
• Change in year-over-year price per square foot: -1.1%

• Median listing price: $662,875
• Median listing price per square foot: $340
• Change in year-over-year price per square foot: -3.4%

• Median listing price: $345,899
• Median listing price per square foot: $148
• Change in year-over-year price per square foot: -3.6%

• Median listing price: $238,250
• Median listing price per square foot: $152
• Change in year-over-year price per square foot: -3.9%

• Median listing price: $635,000
• Median listing price per square foot: $247
• Change in year-over-year price per square foot: -4.0%

• Median listing price: $549,900
• Median listing price per square foot: $305
• Change in year-over-year price per square foot: -4.7%

• Median listing price: $529,450
• Median listing price per square foot: $274
• Change in year-over-year price per square foot: -5.6%

• Median listing price: $366,075
• Median listing price per square foot: $225
• Change in year-over-year price per square foot: -7.3%

• Median listing price: $583,751
• Median listing price per square foot: $276
• Change in year-over-year price per square foot: -7.7%

• Median listing price: $609,875
• Median listing price per square foot: $282
• Change in year-over-year price per square foot: -7.8%