Buzz
Since the spring of 2020, the COVID-19 pandemic has had widespread impacts, including on housing prices. Initially, many cities saw an influx of out-of-state buyers seeking larger spaces, driving prices up. However, in recent months, rising inflation and higher mortgage rates have caused home prices in certain areas to fall back from their previously record-high levels.
A report from Realtor.com highlights the 10 cities where home prices have been most dramatically reduced by sellers.
1. Reno, Nevada
Median list price for homes: $677,500 Proportion of listings with price cuts: 32.6%
From March 2020 through June 2022, residential property prices rose by over 30%
2. Austin, Texas
Median list price for homes: $620,000 Proportion of listings with price cuts: 32.4%
From March 2020 to June 2022, home prices soared by more than 66%
3. Phoenix, Arizona
Median home list price: $548,500Percentage of listings with price reductions: 29.5%
From March 2020 to June 2022, home prices saw an increase of over 35%
4. Anchorage, Alaska
Median home list price: $436,000Percentage of listings with price reductions: 28.5%
Between March 2020 and June 2022, home prices rose by over 36%
5. Boise, Idaho
Median home list price: $587,900Percentage of listings with price reductions: 27.4%
From March 2020 to June 2022, house prices surged by more than 53%
6. Ogden, Utah
Median home list price: $580,100Percentage of listings with price reductions: 27.4%
Located around 40 minutes from Salt Lake City, but homes are approximately $50,000 more affordable
7. Sacramento, California
Median home list price: $642,500Percentage of listings with price reductions: 25.2%
From March 2020 to June 2022, house prices grew by more than 22%
8. Colorado Springs, Colorado
Median home list price: $550,000Percentage of listings with price reductions: 25.1%
Located about an hour from Denver, but homes are roughly $130,000 more affordable
9. Evansville, Indiana
Median home list price: $246,000Percentage of listings with price reductions: 24.7%
From March 2020 to June 2022, home prices rose by over 43%
10. Medford, Oregon
Median home list price: $562,500Percentage of listings with price reductions: 23.2%
Between March 2020 and June 2022, home prices climbed by more than 28%
