--- title: 10 Cities Where Home List Prices Have Dropped the Most Since June description: Here are 10 U.S. cities where home list prices have dropped the most since the housing market peaked in June, according to Realtor.com. authors: - name: Mary Ellen Cagnassola role: Reporter url: https://money.com/author/mary-ellen-cagnassola/ bio: Mary Ellen (M.E.) Cagnassola is a former Money reporter who specialized in U.S. rent and real estate, with a focus on market trends and affordability. education: Rutgers University, BA Journalism at_money_since: 2021 articles: 205 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2022-10-12T19:00:43.000Z' modified: '2024-01-10T13:39:57.000Z' section: Housing tags: - News word_count: 572 canonical: https://money.com/cities-home-list-prices-dropped-most/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Aerial View Above Austin Texas Suburb Summer Homes](https://img.money.com/2022/10/News-10-Cities-Home-Prices-Drop.jpg?crop=0px%2C63px%2C1382px%2C778px&quality=85) *Austin, Texas* Home prices in some major metro areas are falling, and [falling fast](https://money.com/home-prices-falling-fastest-pace-2008/), after more than two years of unparalleled growth. According to the real estate listings site [Realtor.com](https://www.realtor.com/news/trends/house-prices-are-dropping-heres-where-real-estate-is-declining-most/), median list prices for homes have fallen up to 10% from their June highs in many big cities — including some of the [pandemic's hottest markets](https://money.com/hottest-housing-markets-2022-zillow/), like Austin and Phoenix. It’s not just the usual summer-to-fall seasonal decline causing the housing market to cool. Increased mortgage rates are the main culprit behind the drop in prices. The [average 30-year fixed-rate mortgage](https://money.com/current-mortgage-rates/) for the United States is now hovering around 7%, up from 3.2% in January, dramatically increasing monthly payments for buyers and sometimes disqualifying aspiring homeowners from being able to afford houses. The Federal Reserve recently issued its fifth-straight [interest rate](https://money.com/fed-interest-rate-hike-september-2022/) hike as a measure to, hopefully, curb general inflation in part by cooling housing prices. Fewer people are able to afford to buy houses right now, and that means homes are sitting on the market longer, dispelling the [bidding wars](https://money.com/housing-market-cooldown-bidding-wars/) and [offers way above list price](https://money.com/homes-selling-below-asking-price/) that sellers have enjoyed the past two years. Some markets are seeing a [rise in price cuts on homes](https://money.com/homes-for-sale-price-cuts/) as a result. “Home shoppers in these areas are probably excited to see these prices come down,” Realtor.com Chief Economist Danielle Hale said in a news release. But don't get too excited: Prices are still up 14% nationally over the past 12 months. “To put it into context, it’s still above where it was last year,” said Hale. ## Where home prices are falling the most For those who can qualify for mortgages right now, things are finally looking up, especially in competitive Sun Belt locations. Realtor.com analyzed monthly median home prices in the 100 largest U.S. cities to calculate the biggest decreases since June, when prices reached their height. Austin, Texas, which has made headlines over the past few years for its [exploding housing costs](https://money.com/overvalued-housing-markets/), saw the biggest overall drop (over 10%). Below are the 10 cities where home list prices decreased the most since the peak in June. All saw decreases above 7% during this time period, though prices for all 10 are still more expensive than they were a year ago. 1. **Austin, Texas** Median home list price in September: $558,275 Change since June: -10.3% Change since September 2021: +2.2% 2. **Phoenix, Arizona** Median home list price: $493,500 Change since June: -9.9% Change since September 2021: +4.4% 3. **Palm Bay, Florida** Median home list price: $379,995 Change since June: -8.9% Change since September 2021: +5.8% 4. **Charleston, South Carolina** Median home list price: $500,000 Change since June: -8.6% Change since September 2021: +10% 5. **Ogden, Utah** Median home list price: $532,500 Change since June: -8.6% Change since September 2021: +7.7% 6. **Denver, Colorado** Median home list price: $625,000 Change since June: -8.0% Change since September 2021: +4.2% 7. **Las Vegas, Nevada** Median home list price: $460,000 Change since June: -7.9% Change since September 2021: +7% 8. **Stockton, California** Median home list price: $581,725 Change since June: -7.7% Change since September 2021: +7.3 9. **Durham, North Carolina** Median home list price: $460,000 Change since June: -7.5% Change since September 2021: +2.2% 10. **Spokane, Washington** Median home list price: $449,900 Change since June: -7.4% Change since September 2021: +5.6% ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/cities-home-list-prices-dropped-most/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Home Prices", "item": "https://money.com/home-prices/" }, { "@type": "ListItem", "position": 4, "name": "10 Cities Where Home List Prices Have Dropped the Most Since June" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/cities-home-list-prices-dropped-most/#webpage", "url": "https://money.com/cities-home-list-prices-dropped-most/", "name": "10 Cities Where Home List Prices Have Dropped the Most Since June", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2022-10-12T19:00:43.000Z", "mainEntity": { "@id": "https://money.com/cities-home-list-prices-dropped-most/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/cities-home-list-prices-dropped-most/#breadcrumb" }, "dateModified": "2024-01-10T13:39:57.000Z" }, { "@type": "NewsArticle", "headline": "10 Cities Where Home List Prices Have Dropped the Most Since June", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2022/10/News-10-Cities-Home-Prices-Drop.jpg?crop=0px%2C63px%2C1382px%2C778px&quality=85", "width": 1012, "height": 569, "caption": "News-10-Cities-Home-Prices-Drop" } ], "author": [ { "@type": "Person", "name": "Mary Ellen Cagnassola", "url": "https://money.com/author/mary-ellen-cagnassola/", "@id": "https://money.com/author/mary-ellen-cagnassola/#author", "description": "Mary Ellen (M.E.) 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