Analysis: Cities with Decreasing Home Prices and Great Value
The affordability of homeownership remains a significant challenge for many Americans, with only 1% of the country deemed affordable for the average family, according to a recent report by ATTOM. While the median list price for homes in New York City stands at $727,695, the staggering cost of living in San Francisco sets the bar even higher at $1,212,137. Despite these high figures, the U.S. median list price sits at $342,941, showing a 3.1% increase from the previous year.
For those seeking more affordable housing options, certain cities offer better bargains. GOBankingRates analyzed the 2022 and 2023 median list prices for the 200 largest housing markets in the country to identify areas where home prices have declined year-over-year and are below the U.S. median. The study identified eight cities, primarily in the South and Midwest, that offer the best deals on real estate, based on their year-over-year change in median list prices.
- Jackson, Mississippi
- Detroit, Michigan
- Flint, Michigan
- South Bend, Indiana
- Lafayette, Louisiana
- Macon, Georgia
- New Orleans, Louisiana
- St. Louis, Missouri
These cities not only have below-average median list prices but also show a decline in home prices year-over-year, making them potentially attractive options for homebuyers looking to secure a more affordable property.
