Debbie Neuberger SVP, Customer Care | realtors.com
Residential real estate trends are shifting, signaling a potential buyer-friendly market. The Realtor.com September Housing Market Report indicates that median list prices have decreased in more than half of the 50 largest U.S. markets. In one instance, prices dropped by over 12%. This development is welcome news for buyers who have faced high affordability challenges, with home prices reaching $445,000 in June 2023.
Realtor.com economist Joel Berner states, "The median price of homes for sale this September decreased by 1% compared with last year, at $425,000." Despite this decrease, the median price per square foot rose by 2.3%, suggesting an increase in smaller and more affordable homes.
Some desirable locations across the nation are experiencing falling home prices. Florida has four cities among the top ten where prices have decreased following a COVID-19 pandemic boom. Robert Washington from Savvy Buyers Realty attributes this trend to factors like remote work and Florida's tax benefits and political ideologies. He notes that builders responding to an influx of new residents contributed to lower median prices.
However, it's important to mention that Miami's median list prices remain significantly higher than pre-pandemic levels despite these trends. Additionally, data collection occurred before Hurricanes Helene and Milton impacted Florida.
This downward pricing trend is also observed nationally in popular cities across various regions such as the Midwest, West, and South.
The following markets show notable cooling:
- Miami, FL: Median list price at $525,000; a 12.4% decrease.
- Cincinnati, OH: Median list price at $337,000; a 9.5% decrease.
- San Francisco, CA: Median list price at $997,500; an 8.9% decrease.
- Kansas City, MO: Median list price at $389,500; an 8.4% decrease.
- Austin, TX: Median list price at $520,000; a 6.6% decrease.
- Jacksonville, FL: Median list price at $399,000; a 6.1% decrease.
- Denver, CO: Median list price at $610,250; a 6% decrease.
- Orlando, FL: Median list price at $429,950; a 5.6% decrease.
- Tampa, FL: Median list price at $414,948; a 5.5% decrease.
- Nashville,TN: Median list price at $547865;a5 .4 %decrease
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