The tides seem to be turning in the real estate market. While the pandemic brought on a hot sellers’ market with demand outpacing supply, homebuyers are now getting the upper hand in some areas. As buyers back out of more deals amid rising interest rates and a looming recession, sellers in some places are having to lower prices to attract offers.
“Price cuts are hitting hardest in markets which have been on a hot streak during the pandemic — cities which saw an influx of buyers looking for quality of life, more space and affordability,” George Ratiu, senior economist at Realtor.com told the real estate site. “These are also markets which experienced a fast ramp-up in prices due to the inadequate supply of housing.”
Here’s a look at the 10 cities identified by Realtor.com where home prices are dropping the most.
