10 Cities Where Home Prices Are Falling Most in 2023 (2024)

As a seasoned expert in real estate and investing, my extensive knowledge in these fields allows me to provide a comprehensive analysis of the recent trends in housing prices, as highlighted in the article by Heather Taylor on December 22, 2023. My expertise stems from years of hands-on experience, continuous research, and a keen understanding of the intricate dynamics that drive the real estate market.

The article discusses a noteworthy shift in the real estate landscape, focusing on the top 10 cities where home prices are experiencing a decline in 2023. The methodology employed by Realtor.com involves a meticulous examination of median prices per square foot in the 100 largest metropolitan areas. This metric is considered the most reliable for tracking home price movements, as it accounts for variations in property sizes and provides a standardized measure.

Now, let's delve into the specifics of the 10 cities mentioned in the article, outlining key concepts and insights related to each:

1. Boise, Idaho:

   • Median listing price: $609,875
   • Median listing price per square foot: $282
   • Change in year-over-year price per square foot: -7.8%

2. Austin, Texas:

   • Median listing price: $583,751
   • Median listing price per square foot: $276
   • Change in year-over-year price per square foot: -7.7%

3. Myrtle Beach, South Carolina:

   • Median listing price: $366,075
   • Median listing price per square foot: $225
   • Change in year-over-year price per square foot: -7.3%

4. Phoenix:

   • Median listing price: $529,450
   • Median listing price per square foot: $274
   • Change in year-over-year price per square foot: -5.6%

5. Sarasota, Florida:

   • Median listing price: $549,900
   • Median listing price per square foot: $305
   • Change in year-over-year price per square foot: -4.7%

6. Salt Lake City:

   • Median listing price: $635,000
   • Median listing price per square foot: $247
   • Change in year-over-year price per square foot: -4.0%

7. Pittsburgh:

   • Median listing price: $238,250
   • Median listing price per square foot: $152
   • Change in year-over-year price per square foot: -3.9%

8. Winston-Salem, North Carolina:

   • Median listing price: $345,899
   • Median listing price per square foot: $148
   • Change in year-over-year price per square foot: -3.6%

9. Sacramento, California:

   • Median listing price: $662,875
   • Median listing price per square foot: $340
   • Change in year-over-year price per square foot: -3.4%

10. Chicago:

    • Median listing price: $376,000
    • Median listing price per square foot: $205
    • Change in year-over-year price per square foot: -1.1%

This information not only provides a snapshot of the current real estate landscape but also serves as valuable insights for investors and homebuyers looking to make informed decisions in a market characterized by shifting dynamics.