Ten Housing Markets Where Home Prices Will Fall the Most in 2024

Ten Housing Markets where home prices will fall the most in 2024

Some of the recent headlines may have spooked you if you're in the market to buy a home. After all, according to Fortune magazine, national home prices recently hit record highs for the ninth time in the past year.

One of the main reasons is that there aren't enough homes. As long as this continues, prices will not have much room to fall.

However, there is good news on the housing front, according to a recent report from Realtor.com that compared average home prices in February 2023 and February 2024. Here's a look at the housing markets in which home prices will decline the most in 2024.

Miami, Florida

You may be surprised to see Miami as the number one city for the lowest home prices. After all, the city has seen significant housing price increases in recent years. According to Realtor.com, things are starting to stabilize, partly due to the rising cost of insurance.

Among the 50 largest metro areas included in the Realtor.com study, Miami had the highest price decline, with more than 8%.

Oklahoma City, Oklahoma

"Many traditionally affordable Midwest markets also saw prices decline," the Realtor.com report noted. For places like Oklahoma City, the price decline may be due to selling less expensive homes, resulting in a lower average list price. Oklahoma City's average list price fell 7.4% year over year.

Cincinnati, Ohio

The city known for its theme parks and signature chili restaurant saw home prices decline. The median home list price for February was $337,000, down 6.4% year over year.

Kansas City, Missouri

The increase in more modest, inexpensive homes for sale may be a big reason for the decline in median home prices in Kansas City. The median listing price for February here was $421,000, and median list prices were down nearly 5%.

Denver, Colorado

Denver also made the list of top housing markets where home prices will decline the most in 2024. The median home list price in February was $610,000, and median list prices were down 3.6% year over year.

San Jose, California

Some of the country's most expensive metro areas on the West Coast are also seeing home prices decline. Take San Jose, for example, where list prices fell 2.3%. It's an area closely linked to the technology industry, which has seen some problems in recent years.

Raleigh, North Carolina

As the only East Coast city on this list, Raleigh saw average list prices decline 2.2% yearly. The median home list price for February was $440,000.

San Antonio, Texas

Some parts of Texas can be very affordable, and others can be very expensive. San Antonio is among the U.S. housing markets that saw a significant decline in home prices in 2024. The median home list price in February fell by 1.5%.

San Francisco, California

The situation in San Francisco is similar to the situation in San Jose. San Francisco home list prices fell 1.3%. In addition to the problems facing the tech industry, San Francisco and San Jose have seen remote workers move to more affordable parts of the United States.

Portland, Oregon

Another city on the West Coast completes the list. Portland saw home list prices decline by 1.2%. The median home list price for February was $600,000.