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September 24, 2017

10 Cities Where Homes Are Getting Cheaper

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10 Cities Where Homes Are Getting Cheaper

Home prices aren’t on the rise everywhere. In some cities, buyers have actually seen prices drop in recent months. Though the national median price for an existing single-family home reached a record high in the second quarter, a handful of metros saw the local median price decrease from a year ago, according to the National Association of REALTORS®. The 10 metros to post the largest year-over-year declines in median home prices are:

1. Springfield, Ill.

  • Year-over-year price drop: -9.3 percent
  • Price change: -$13,300 ($143,100 in 2016 to $129,800 in 2017)

2. Glens Falls, N.Y.

  • Year-over-year price drop: -6.2 percent
  • Price change: -$10,700 ($173,500 to $162,800)

3. Florence, S.C.

  • Year-over-year price drop: -6 percent
  • Price change: -$8,700 ($145,100 to $136,400)

4. Decatur, Ala.

  • Year-over-year price drop: -5.6 percent
  • Price change: -$7,200 ($129,600 to $122,400)

5. Kankakee, Ill.

  • Year-over-year price drop: -5.3 percent
  • Price change: -$7,200 ($135,600 to $128,400)

6. Trenton, N.J.

  • Year-over-year price drop: -4.4 percent
  • Price change: -$12,000 ($274,900 to $262,900)

7. Bismarck, N.D.

  • Year-over-year price drop: -3.8 percent
  • Price change: -$9,600 ($251,900 to $242,300)

8. Elmira, N.Y.

  • Year-over-year price drop: -3.5 percent
  • Price change: -$4,000 ($115,600 to $111,600)

9. Naples-Immokalee-Marco Island, Fla.

  • Year-over-year price drop: -3.2 percent
  • Price change: -$14,500 ($449,500 to $435,000)

10. York-Hanover, Pa.

  • Year-over-year price drop: -3.2 percent
  • Price change: -$5,300 ($168,100 to $162,800)

Source: “16 Cities Where It’s Actually Getting Cheaper to Buy a House,” CheatSheet.com (Aug. 21, 2017)