Home Prices Are Falling Fastest In These Cities, Giving Buyers an Edge
Home prices are declining rapidly in many of the U.S.’s largest housing markets, with one Texas metropolitan area seeing asking prices fall nearly 10% in a single year.
Austin, TX, had the largest drop in median listing prices in September, followed by Memphis, TN, and Tampa, FL, according to Realtor.com's September Housing Report.
The listing price for homes in the Austin-Round Rock-San Marcos metro area decreased by 9.8 percent from last year to $446,450.
Memphis, TN-MS-AR, was second with an 8.7 percent decrease, and Tampa-St. Petersburg-Clearwater, FL, was third with a 6.6 percent decrease.
Nationally, the median listing price decreased by 1.4 percent from last year to $419,250 in September, according to Realtor.com data. This price was down 1.4% from last September, marking an 11th consecutive month of year-over-year declines.
Among the 50 largest metro areas, these 10 saw the biggest annual declines in listing prices in September:
-
Austin-Round Rock-San Marcos, TX: -9.8%
Median listing price: $446,450 -
Memphis, TN-MS-AR: -8.7%
Median listing price: $299,950 -
Tampa-St. Petersburg-Clearwater, FL: -6.6%
Median listing price: $385,398 -
San Diego-Chula Vista-Carlsbad, CA: -6.3%
Median listing price: $888,450 -
Los Angeles-Long Beach-Anaheim, CA: -5.9%
Median listing price: $1,034,500 -
Denver-Aurora-Centennial, CO: -4.9%
Median listing price: $569,900 -
Phoenix-Mesa-Chandler, AZ: -4.8%
Median listing price: $475,000 -
St. Louis, MO-IL: -4.7%
Median listing price: $285,950 -
Washington-Arlington-Alexandria, DC-VA-MD-WV: -4.6%
Median listing price: $572,150 -
Providence-Warwick, RI-MA: -4.2%
Median listing price: $569,450
Austin, which saw the largest annual drop, also had an 8.4% decrease in its median list price per square foot—a measure that controls for the size of homes on the market—compared to the previous year. Total active listings in the Austin area were up 1.4 percent from a year ago, and new listings were up 2.1 percent.
Memphis, where the median listing price decreased to slightly less than $300,000, saw active listings increase 8.1 percent from a year ago. New listings, however, decreased 4.6 percent.
Tampa's median listing price decreased 6.6 percent to $385,398, while prices per square foot decreased 6.0 percent.
California's two metro areas in the top 10 continue to be some of the most expensive housing markets in the country. San Diego's median listing price decreased 6.3 percent to $888,450, while Los Angeles' median listing price decreased 5.9 percent to just over $1 million. Both metros also reported annual decreases in price per square foot.