After several years of soaring prices, prospective homebuyers will be delighted to learn that home prices are, in fact, decreasing in certain cities across the country.
Realtor.com identified cities with declining housing prices by analyzing the median price per square foot in the 100 largest metropolitan areas. The comparison involved assessing the median prices in May 2023 against those in May 2022, with price per square foot serving as the most dependable metric for monitoring changes in home prices.
Chicago
Median listing price: $376,000
Median listing price per square foot: $205
Year-over-year change in price per square foot: -1.1%
Sacramento, California
Median listing price: $662,875
Median listing price per square foot: $340
Year-over-year change in price per square foot: -3.4%
Winston-Salem, North Carolina
Median listing price: $345,899
Median listing price per square foot: $148
Year-over-year change in price per square foot: -3.6%
Pittsburgh
Median listing price: $238,250
Median listing price per square foot: $152
Year-over-year change in price per square foot: -3.9%
Salt Lake City
Median listing price: $635,000
Median listing price per square foot: $247
Year-over-year change in price per square foot: -4.0%
Sarasota, Florida
Median listing price: $549,900
Median listing price per square foot: $305
Year-over-year change in price per square foot: -4.7%
Phoenix
Median listing price: $529,450
Median listing price per square foot: $274
Year-over-year change in price per square foot: -5.6%
Myrtle Beach, South Carolina
Median listing price: $366,075
Median listing price per square foot: $225
Year-over-year change in price per square foot: -7.3%
Austin, Texas
Median listing price: $583,751
Median listing price per square foot: $276
Year-over-year change in price per square foot: -7.7%
Boise, Idaho
Median listing price: $609,875
Median listing price per square foot: $282
Year-over-year change in price per square foot: -7.8%