Where Are Home Prices Plummeting Most?

"Spokane, United States - July 21, 2012: View of downtown Spokane as seen from an elevated viewpoint along the South Hill.
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.

Read: States Whose Economies Are Failing vs. States Whose Economies Are Thriving
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%
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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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About the Author

Heather Taylor is a senior finance writer for GOBankingRates. She is also the head writer and brand mascot enthusiast for PopIcon, Advertising Week’s blog dedicated to brand mascots. She has been published on HelloGiggles, Business Insider, The Story Exchange, Brit + Co, Thrive Global, and more media outlets. 

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