- The median house worth in December 2024 was $402,502, down from $410,000 in 2023, per Realtor.com.
- A number of massive US cities noticed house costs drop final month in comparison with the identical time the yr earlier than.
- San Francisco noticed the most important decline — house costs fell by 10.9% year-over-year to $889,500.
There might by no means be an ideal time to buy a home, however patrons can positively profit when costs drop of their areas.
In December, the median gross sales worth for the complete US dipped a bit — to $402,502 — from the earlier yr. Whereas shopping for a house hasn’t develop into considerably extra inexpensive for the everyday American, there are nonetheless alternatives for these searching for a house.
Some would-be patrons are holding again, resulting in much less competitors for houses. Costs in a number of main US metros have dropped by 1000’s of {dollars}, in response to a brand new report from Realtor.com.
Constantly excessive mortgage charges and an general enhance in house financing prices have sidelined many potential patrons.
Throughout the pandemic, Miami and Austin drew 1000’s of homebuyers searching for comparatively inexpensive houses and more room. Now, with much less demand, houses are staying available on the market longer, prompting many sellers to cut back their costs.
In December, house costs in Miami and Austin dropped by 9.9% and seven.7%, respectively, in comparison with the identical interval in 2023, in response to the report. These cities, together with Kansas Metropolis, Missouri, and Tampa, Florida, additionally noticed decrease costs in Could and September of 2024 in comparison with a yr earlier.
Realtor.com analyzed information from 50 of the most important US metros to calculate which of them noticed the most important home-price declines in December.
Beneath are the 11 massive cities with the most important worth drops.
