Available home inventory is still low across the United States. Low supply has been pushing prices up, but there are several major markets where home prices have fallen significantly since last year. A recent study analyzed home prices from Zillow’s real estate index to zero-in on major cities that are seeing housing become more affordable.
Check out the top seven cities where home prices are tumbling, in a good way.
7 Cities Where Home Prices Are Plummeting
Geographically, there are some loose patterns among these cities. Perhaps most notably is that three Texas real estate markets showed a marked decline in prices year-over-year. At a broader level, six of the seven cities are located in the Census-designated South region of the U.S.
Take a look at these seven cities and the change in their home prices over the last year:
San Antonio, Texas
- Median list price 2018: $266,499
- Median list price 2017: $275,000
- YOY Change (%): -3.1%
- YOY Change ($): -$8,501
Charlottesville, Virginia
- Median list price 2018: $364,900
- Median list price 2017: $385,000
- YOY Change (%): -5.2%
- YOY Change ($): -$20,100
Naples, Florida
- Median list price 2018: $399,925
- Median list price 2017: $445,000
- YOY Change (%): -10.1%
- YOY Change ($): -$45,075
Salinas, California
- Median list price 2018: $749,000
- Median list price 2017: $769,900
- YOY Change (%): -2.7%
- YOY Change ($): -$20,900
Lafayette, Louisiana
- Median list price 2018: $199,000
- Median list price 2017: $209,500
- YOY Change (%): -5.0%
- YOY Change ($): -$10,500
College Station, Texas
- Median list price 2018: $262,500
- Median list price 2017: $289,900
- YOY Change (%): -9.5%
- YOY Change ($): -$27,400
Austin, Texas
- Median list price 2018: $327,000
- Median list price 2017: $336,995
- YOY Change (%): -3.0%
- YOY Change ($): -$9,995
Best Places For First-Time Homebuyers
Falling home prices are good news for first-time homebuyers in the U.S. In fact, all of these cities fall into states that favor first-time homebuyers, according to another real estate study. Texas, California, Virginia and Louisiana all rank among the best states for first-time homebuyers.
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