There may never be a perfect time to purchase a house, but buyers can definitely benefit when prices drop in their areas.
In December, the median sales price for the entire US dipped a bit — to $402,502 — from the previous year. While buying a home hasn't become significantly more affordable for the typical American, there are still opportunities for those looking for a home.
Some would-be buyers are holding back, leading to less competition for homes. Prices in several major US metros have dropped by thousands of dollars, according to a new report from Realtor.com.
Consistently high mortgage rates and an overall increase in home financing costs have sidelined many prospective buyers.
During the pandemic, Miami and Austin drew thousands of homebuyers looking for relatively affordable homes and more space. Now, with less demand, homes are staying on the market longer, prompting many sellers to reduce their prices.
In December, home prices in Miami and Austin dropped by 9.9% and 7.7%, respectively, compared to the same period in 2023, according to the report. Those cities, along with Kansas City, Missouri, and Tampa, Florida, also saw lower prices in May and September of 2024 compared to a year earlier.
Realtor.com analyzed data from 50 of the largest US metros to calculate which ones saw the largest home-price declines in December.
Below are the 11 big cities with the largest price drops.
