Editor's Note: This story originally appeared on Point2.
The American housing market is not for the faint-hearted.
The unexpected rollercoaster that was the COVID-19 pandemic was followed by another period of heart-stopping inflation, rising mortgage rates, uncontrollable price increases and generalized anxiety about any and all things homeownership.
Some brave buyers, however, decided to take the plunge: Despite historic high mortgage rates, they jumped at the opportunity to buy in a desperate, “now or never” attempt to finally become homeowners.
Fast forward to September 2023, and all they really got was homes that are losing value.
Because of the year-over-year price drops seen in many of the largest U.S. cities, new homeowners would have to sell their homes for less money than they bought them for.
Here are U.S. cities where homeowners saw their homes lose value. See details on the methodology at the end.
1. Memphis, TN
- Median Single-Family Home Price 2023: $170,000
- Median Single-Family Home Price 2022: $205,000
- Percentage Change 2023 vs. 2022: -17.1%
- Net Change 2023 vs. 2022: −$35,000
- Daily Price Change: −$96
2. New Orleans, LA
- Median Single-Family Home Price 2023: $251,095
- Median Single-Family Home Price 2022: $275,889
- Percentage Change 2023 vs. 2022: −9.0%
- Net Change 2023 vs. 2022: −$24,794
- Daily Price Change: −$68
3. Atlanta, GA
- Median Single-Family Home Price 2023: $481,000
- Median Single-Family Home Price 2022: $525,000
- Percentage Change 2023 vs. 2022: −8.4%
- Net Change 2023 vs. 2022: −$44,000
- Daily Price Change: −$121
4. Detroit, MI
- Median Single-Family Home Price 2023: $64,277
- Median Single-Family Home Price 2022: $69,798
- Percentage Change 2023 vs. 2022: −7.9%
- Net Change 2023 vs. 2022: −$5,521
- Daily Price Change: −$15
5. Kansas City, MO
- Median Single-Family Home Price 2023: $260,500
- Median Single-Family Home Price 2022: $280,000
- Percentage Change 2023 vs. 2022: −7.0%
- Net Change 2023 vs. 2022: −$19,500
- Daily Price Change: −$53
6. Oakland, CA
- Median Single-Family Home Price 2023: $869,407
- Median Single-Family Home Price 2022: $932,395
- Percentage Change 2023 vs. 2022: −6.8%
- Net Change 2023 vs. 2022: −$62,988
- Daily Price Change: −$173
7. San Antonio, TX
- Median Single-Family Home Price 2023: $275,000
- Median Single-Family Home Price 2022: $289,500
- Percentage Change 2023 vs. 2022: −5.0%
- Net Change 2023 vs. 2022: −$14,500
- Daily Price Change: −$40
8. San Francisco, CA
- Median Single-Family Home Price 2023: $1,556,250
- Median Single-Family Home Price 2022: $1,637,500
- Percentage Change 2023 vs. 2022: −5.0%
- Net Change 2023 vs. 2022: −$81,250
- Daily Price Change: −$223
9. Cleveland, OH
- Median Single-Family Home Price 2023: $118,000
- Median Single-Family Home Price 2022: $123,000
- Percentage Change 2023 vs. 2022: −4.1%
- Net Change 2023 vs. 2022: −$5,000
- Daily Price Change: −$14
10. Colorado Springs, CO
- Median Single-Family Home Price 2023: $450,715
- Median Single-Family Home Price 2022: $465,718
- Percentage Change 2023 vs. 2022: −3.2%
- Net Change 2023 vs. 2022: −$15,003
- Daily Price Change: −$41
11. Philadelphia, PA
- Median Single-Family Home Price 2023: $392,500
- Median Single-Family Home Price 2022: $405,000
- Percentage Change 2023 vs. 2022: −3.1%
- Net Change 2023 vs. 2022: −$12,500
- Daily Price Change: −$34
12. Fort Worth, TX
- Median Single-Family Home Price 2023: $339,891
- Median Single-Family Home Price 2022: $350,000
- Percentage Change 2023 vs. 2022: −2.9%
- Net Change 2023 vs. 2022: −$10,109
- Daily Price Change: −$28
13. North Las Vegas, NV
- Median Single-Family Home Price 2023: $410,000
- Median Single-Family Home Price 2022: $421,980
- Percentage Change 2023 vs. 2022: −2.8%
- Net Change 2023 vs. 2022: −$11,980
- Daily Price Change: −$33
14. Henderson, NV
- Median Single-Family Home Price 2023: $495,995
- Median Single-Family Home Price 2022: $510,000
- Percentage Change 2023 vs. 2022: −2.7%
- Net Change 2023 vs. 2022: −$14,005
- Daily Price Change: −$38
15. Boston, MA
- Median Single-Family Home Price 2023: $796,250
- Median Single-Family Home Price 2022: $817,500
- Percentage Change 2023 vs. 2022: −2.6%
- Net Change 2023 vs. 2022: −$21,250
- Daily Price Change: −$58
Methodology
- For this study, we analyzed condo prices and single-family home prices in the 100 largest U.S. cities.
- We compared condo and single-family home prices from September 2023 (the most recent available pricing data) with condo and single-family home prices from September 2022.
- We then analyzed the price evolution for condos and single-family homes in the 100 largest U.S. cities to discover the differences in price contractions and price increases.
- Price data was sourced from Redfin.com, Zillow and other local multiple listing services and brokerages.
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