It’s a tough real estate market for those looking to get a foot on the property ladder, but home prices have begun falling in some areas.
According to Realtor.com, rising mortgage rates and inflation have begun to have an effect on house prices in some US metropolitan areas – and, while prices are still higher than they have been, some home prices are falling.
With rising mortgage interest rates, high inflation, and soaring rents, home prices are actually falling in these 10 metro areas.
— Realtor.com (@realtordotcom) April 25, 2022
Realtor.com took a look at the year-over-year median list prices of the 100 largest US metropolitan areas in March to compile a list of the places home prices are falling the most.
Realtor.com reports that to “ensure geographic diversity, we limited our list to just one metro per state.”
According to Realtor.com, here are the top ten cities where home prices are down the most:
1. Toledo, Ohio
2. Rochester, New York
3. Detroit, Michigan
4. Pittsburgh, Pennsylvania
5. Springfield, Massachusetts
6. Tulsa, Oklahoma
7. Los Angeles, California
8. Memphis, Tennessee
9. Chicago, Illinois
10. Richmond, Virginia