Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets

In 2023, existing-home sales in the United States experienced a 19% drop, reaching their lowest level in nearly three decades. Despite slow sales typically resulting in lower prices, the lack of inventory led to record-high home prices last year, making home purchases “prohibitively expensive” for many prospective buyers.

Moreover, the National Association of Realtors reported that nationally, home prices rose by 0.3% year-over-year in February 2024, with the median price reaching $415,500. However, some markets have seen a decline in home prices, offering potential opportunities for buyers.

Here are 10 markets that have experienced a decrease in home prices in 2024:

1. Portland, Oregon
2. San Francisco, California
3. San Antonio, Texas
4. Raleigh, North Carolina
5. San Jose, California
6. Denver, Colorado
7. Kansas City, Missouri
8. Cincinnati, Ohio
9. Oklahoma City, Oklahoma
10. Miami, Florida

These markets have seen a decline in median home list prices compared to the previous year, with cities like Miami experiencing an 8.2% decrease. The trend of falling home prices in these markets could present opportunities for buyers looking to purchase homes at more affordable rates.