Real Estate & Resorts

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%