10 Cities Where Sellers Are Slashing Home Prices
The tides seem to be turning in the real estate market. While the pandemic brought on a hot sellers' market with demand outpacing supply, homebuyers are now getting the upper hand in some areas. As buyers back out of more deals amid rising interest rates and a looming recession, sellers in some places are having to lower prices to attract offers.
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"Price cuts are hitting hardest in markets which have been on a hot streak during the pandemic -- cities which saw an influx of buyers looking for quality of life, more space and affordability," George Ratiu, senior economist at Realtor.com told the real estate site. "These are also markets which experienced a fast ramp-up in prices due to the inadequate supply of housing."
Here's a look at the 10 cities identified by Realtor.com where home prices are dropping the most.
10. Spokane, Washington
Median home list price: $449,900
Change since June: -7.4%
9. Durham, North Carolina
Median home list price: $460,000
Change since June: -7.5%
8. Stockton, California
Median home list price: $581,725
Change since June: -7.7%
7. Las Vegas
Median home list price: $460,000
Change since June: -7.9%
6. Denver
Median home list price: $625,000
Change since June: -8%
5. Ogden, Utah
Median home list price: $532,500
Change since June: -8.6%
4. Charleston, South Carolina
Median home list price: $500,000
Change since June: -8.6%
3. Palm Bay, Florida
Median home list price: $379,995
Change since June: -8.9%
2. Phoenix
Median home list price: $493,500
Change since June: -9.9%
1. Austin, Texas
Median home list price: $558,275
Change since June: -10.3%
Methodology: All data is sourced from Realtor.com and is accurate as of Oct. 10, 2022. Realtor.com looked at the monthly median home list prices in the 100 largest metropolitan areas, then calculated the price change since June, when markets peaked nationally. Realtor.com included only the metro with the biggest drop in any state to ensure geographic diversity.
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This article originally appeared on GOBankingRates.com: 10 Cities Where Sellers Are Slashing Home Prices