Some recent headlines may have given you a scare if you’re in the market to buy a house. After all, according to Fortune, national home prices recently hit record highs for the ninth time in the past year.
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Here’s one major reason why — not enough houses to go around. As long as that continues, prices really don’t have much room to fall.
However, there’s good news on the housing front, according to a recent report by Realtor.com that compared February 2023 and February 2024 median home prices. Here’s a look at housing markets where home prices are falling the most in 2024.
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Miami, Florida
You might be surprised to see Miami as the top city for falling home prices. After all, the city saw big spikes in housing prices in recent years. Now, according to Realtor.com, things are starting to level off, in part thanks to the rising cost of insurance.
Of the 50 largest metro areas included in Realtor.com’s study, Miami topped the list of falling prices with a more than 8% decline.
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Oklahoma City, Oklahoma
“Several traditionally more affordable, Midwestern markets also saw prices fall,” the Realtor.com report noted. For places like Oklahoma City, the decline in prices may be attributed to less expensive homes going up for sale and bringing down the median list prices. The median list price in Oklahoma City fell 7.4% year over year.
Cincinnati, Ohio
The city known for its amusement park fun and signature chili restaurant also saw home prices fall. Here the February median home list price was $337,000, and median list prices fell 6.4% year over year.
Kansas City, Missouri
An increase in more modest, inexpensive homes going up for sale also may be a big reason median home prices dropped in Kansas City. The February median listing price here was $421,000, and median list prices dropped nearly 5%.
Denver, Colorado
Denver also made the list of top housing markets where home prices are falling the most in 2024. The February median home list price was $610,000, and median list prices dropped 3.6% year over year.
San Jose, California
Some of the country’s pricier metro areas on the West Coast also are seeing drops in home prices. Take San Jose, for instance, where list prices dropped 2.3%. It’s an area closely tied to the tech industry, which has seen some trouble in recent years.
Raleigh, North Carolina
As the only city from the East Coast on this list, Raleigh saw the median list price drop 2.2% year over year. The February median home list price was $440,000.
San Antonio, Texas
Some parts of Texas can be very affordable — and some parts can be quite pricey. San Antonio is among the housing markets in the U.S. to see home prices falling the most in 2024. In fact, the median February home list price dropped 1.5%.
San Francisco, California
The situation in San Francisco is similar to that of San Jose. Home list prices in San Francisco dropped 1.3%. In addition to troubles for the tech industry, San Francisco and San Jose have seen remote workers move to more affordable parts of the United States.
Portland, Oregon
Another West Coast city rounds out the list. Portland saw home list prices drop 1.2%. The February median home list price was $600,000.
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This article originally appeared on GOBankingRates.com: 10 Housing Markets Where Home Prices Are Falling the Most in 2024
