These Are the Metros Where House Prices Are Falling

Cost of living has been on the up for the majority of 2022, with a rise in consumer products and rent and mortgage prices soaring. Inflation has been taking a toll on the housing market, but for some metropolitan areas, the prices are actually falling.

Realtor.com has found the areas where housing has actually become more affordable in a time when inflation is at its highest since 1981. To determine which areas are seeing a dip in prices, the site’s data team looked at the year-over-year median list prices in the 100 largest metros in March. To ensure geographic diversity, they also limited the list to just one metropolitan area per state.

“Many of the metro areas seeing median list price declines have seen an [influx] of smaller homes come to market, which carry lower price tags,” said George Ratiu, manager of economic research for Realtor.com. “At the same time, several of the cities have unemployment rates, which, while still historically low, are above the national level. [This indicates] that buyers may face steeper affordability challenges from rising mortgage rates.”

The research found that house prices in Toledo, OH, are dropping the most in spring 2022. The median listing price currently stands at $115,000, which is a -18.7 percent change. Coming in at second place is Rochester, NY, with a -17 percent price change—the median listing price is now $149,900. Detroit, MI, takes third place. With a -15.4% change and a median listing price of $75,000, Detroit is a great place to look if you’re considering buying this year.

Pittsburgh, PA is also a great location if you’re considering a move as house prices have dropped by 13.7% (the median listing price is $230,000.)

Springfield, MA, is worth considering as house prices have seen a -5.8% change with the median listing price currently at $239,900. And if you’ve been thinking about a move to Los Angeles, CA, now is a great time—listing prices are down 5% (median price: $985,00.)