Since it began in the spring of 2020, the COVID-19 pandemic has been affecting everything—including housing prices. Early on, several parts of the country had an influx of out-of-state buyers who were living in cities and looking for a bit more space. Their house prices went up, but recently, thanks to inflation and higher mortgage rates, homes in some areas are no longer commanding the record-breaking prices they were even a few months ago.
According to a report from Realtor.com, these are the 10 cities where sellers are reducing home prices the most.
1. Reno, Nevada
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Median home list price: $677,500
Percentage of listings with price reductions: 32.6%
- Between March 2020 and June 2022, house prices increased more than 30%
2. Austin, Texas
Median home list price: $620,000
Percentage of listings with price reductions: 32.4%
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- Between March 2020 and June 2022, house prices shot up more than 66%
3. Phoenix, Arizona
Median home list price: $548,500
Percentage of listings with price reductions: 29.5%
- Between March 2020 and June 2022, house prices increased more than 35%
4. Anchorage, Alaska
Median home list price: $436,00
Percentage of listings with price reductions: 28.5%
- Between March 2020 and June 2022, house prices increased more than 36%
5. Boise, Idaho
Median home list price: $587,900
Percentage of listings with price reductions: 27.4%
- Between March 2020 and June 2022, house prices increased more than 53%
6. Ogden, Utah
Median home list price: $580,100
Percentage of listings with price reductions: 27.4%
- About 40 minutes outside Salt Lake City, but homes cost roughly $50,000 less
7. Sacramento, California
Median home list price: $642,500
Percentage of listings with price reductions: 25.2%
- Between March 2020 and June 2022, house prices increased more than 22%
8. Colorado Springs, Colorado
Median home list price: $550,000
Percentage of listings with price reductions: 25.1%
- About an hour outside Denver, but homes cost roughly $130,000 less
9. Evansville, Indiana
Median home list price: $246,000
Percentage of listings with price reductions: 24.7%
- Between March 2020 and June 2022, house prices increased more than 43%
10. Medford, Oregon
Median home list price: $562,500
Percentage of listings with price reductions: 23.2%
- Between March 2020 and June 2022, house prices increased more than 28%