These U.S. Cities Are Facing the Largest Decreases in Home Prices

It’s not just in your head: Everything is more expensive right now—including homes. Potential buyers are dealing with higher mortgage rates and inflation, along with fewer homes available. As a result, many who could have purchased a home a few years ago are now finding themselves unable to afford the market.

However, despite the rising costs everywhere else, there are certain cities where home prices are actually decreasing. Here's what you should know.

What is driving the decline in home prices in these cities?

For some background, here’s George Ratiu, the manager of economic research at Realtor.com:

Many metro areas experiencing declines in median listing prices have seen an influx of smaller homes, which are generally more affordable. Simultaneously, several of these cities are dealing with unemployment rates that, though still relatively low, exceed the national average. [This suggests] that buyers might struggle with affordability due to increasing mortgage rates.

Which areas are seeing a drop in home prices?

Before we dive into the list: These are the cities where home prices are decreasing the most—not necessarily the cities with the lowest home prices. So, if you couldn’t afford to buy in Los Angeles before, it’s likely nothing has changed there. However, it’s still important to know which cities are defying the national trend of rising prices.

Here are the 10 cities with the largest drops in housing prices, according to Realtor.com research:

1. Toledo, OH

• Median listing price: $115,000

• Change in median listing price: -18.7%

2. Rochester, NY

• Median listing price: $149,900

• Change in median listing price: -17.0%

3. Detroit, MI

• Median listing price: $75,000

• Change in median listing price: -15.4%

4. Pittsburgh, PA

• Median listing price: $230,000

• Change in median listing price: -13.7%

5. Springfield, MA

• Median listing price: $239,900

• Change in median listing price: -5.8%

6. Tulsa, OK

• Median listing price: $220,000

• Change in median listing price: -5.0%

7. Los Angeles

• Median listing price: $985,000

• Change in median listing price: -5.0%

8. Memphis, TN

• Median listing price: $173,500

• Change in median listing price: -4.6%

9. Chicago

• Median listing price: $399,000

• Change in median listing price: -3.7%

10. Richmond, VA

• Median listing price: $310,000

• Change in median listing price: -3.4%