10 Cities where Home Prices are Dropping the Most

From best breweries to beautiful outdoor scenery, Colorado is no stranger to “best of” lists. But after two years of unprecedented home prices and low inventory, the Mile High City has a new ranking - on the list of 10 cities where home prices are on the decline.

What’s causing the drop? Higher mortgage interest rates have thinned out the ranks of buyers who can still qualify for a home loan and sharply reduced the price of the homes the remaining few in the market can afford.

In some metropolitan areas, median list prices overall are falling from their June highs. These are the places where buyers can find relative deals compared with a few months earlier and where there are generally more homes for sale. According to Realtor.com, these are the top 10 buyer-friendly housing markets.

1. Austin, Texas

2. Phoenix, Arizona

3. Palm Bay, Florida

4. Charleston, South Carolina

5. Ogden, Utah

6. Denver, Colorado

7. Las Vegas, Nevada

8. Stockton, California

9. Durham, North Carolina

10. Spokane, Washington

To figure out where home prices dropped the most, Realtor.com looked at the monthly median home list prices in the 100 largest metropolitan areas. Then they calculated the price change since June, when markets peaked nationally. Finally, they included only the metro with the biggest drop in any state, to ensure geographic diversity.

Home prices are still above where they were last year, but Denver’s market continues to move towards a more balanced climate. Could this be the year you become a homeowner? Contact Metrowest today and let’s find out!