Discover the Top 11 US Cities Experiencing the Biggest Declines in Home Prices

In December 2024, the median home price across the United States stood at $402,502, a slight decrease from $410,000 in 2023, according to Realtor.com. Many large cities experienced drops in home prices compared to the previous year.

San Francisco saw the largest decline, with prices falling by 10.9% to $889,500. Miami and Austin also noticed significant price drops of 9.9% and 7.7%, respectively. This shift may be good news for buyers, as fewer people are competing for homes right now.

High mortgage rates are keeping some potential buyers on the sidelines, which is causing homes to sell more slowly. During the pandemic, cities like Miami and Austin attracted many buyers seeking affordability and space. Now, with demand tapering off, sellers are reducing prices to attract offers.

Realtor.com analyzed data from the 50 largest US metros and found that many cities, including Kansas City, Missouri, and Tampa, Florida, experienced price drops by the end of 2024. This trend shows a changing landscape in the housing market, with certain areas becoming more favorable for homebuyers.

So, while buying a home can still be a challenge, especially with ongoing high financing costs, there are signs that prices may become more accommodating for those ready to make a move.

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