10 Major U.S. Cities Where Home Prices Are Finally Starting to Slow Down
If it seems like home prices are out of control no matter where you look, there may be a silver lining. Real estate research organization, Trulia identified several markets where home prices are not only low, they are actually falling.
The firm analyzed median list price, including price per square foot, home value and home value per square foot from March 2017 to March 2018. While some median list prices were much lower, values were on the rise. Or the market saw no difference year-over-year. Which markets have some of the lower prices that may offer some price stability? While the countdown list is based on median price, living in the city on page 1 might surprise you.
1. Honolulu, Hawaii
- Median list price: $630,000
- 1-year price change: 1.4%
While home prices in Honolulu are the most expensive on Trulia’s list, prices have stabilized. The city ranked number 35 as one of the best places to live and 24 as one of the best places to retire, according to US News and World Report. Unemployment rates are low, at about 2.4% and the average annual salary is $51,080. What brings most people to Honolulu? The area’s breathtaking scenery, diverse cultures, and tropical climate are hard to resist.
Next: Speaking of beautiful scenery…
2. Denver, Colorado
- Median list price: $453,990
- 1-year price change: 0.9%
Although home values are up, people living in Denver are paid better and have stronger job opportunities, Trulia found. Also, Denver scored extremely high as being one of the best places to live in the country, at number three, according to US News and World Report. The median age trends young, as the city attracts people in their mid-thirties. Plus the city recently experienced a huge population boom too–apparently, everyone is in love with Denver.
Next: Looking for an ‘affordable’ residence in California?
3. Sacramento, California
- Median list price: $429,000
- 1-year price change: none
One aspect that makes Sacramento so attractive is its accessibility to destinations like San Francisco and Lake Tahoe, according to US News and World Report. Plus home prices haven’t changed in the last year, which means buyers have a chance to catch their breath. And while prices haven’t changed, values increased, according to Trulia, which makes buying a pretty good deal. The unemployment rate is a little higher at 4.6%, but wages are pretty decent, averaging about $54,690 annually.
Next: Everything isn’t bigger always bigger in Texas.
4. Dallas, Texas
- Median list price: $356,999
- 1-year price change: 0.5%
Although your mortgage won’t be “Texas-sized” your opportunities are, according to Trulia. The market experienced a recent building boom, which created jobs and a strong economy. The Dallas-Ft. Worth area ranked high for both being a great place to live and retire too, according to US News and World Report. As a result, the area is experiencing quite a population boom as more young professionals flock to Dallas.
Next: This city is the second biggest housing market in the country.
5. Austin, Texas
- Median list price: $336,995
- 1-year price change: -3.4%
Another affordable and up-and-coming city is Austin, Trulia found. Jobs are growing far faster in Austin than the national average and the unemployment rate is low. The reason why Austin ranks as the second largest housing market is due to the huge jump in building permits last year. The city issued a whopping 79.5% more building permits than what it typically approves.
Next: This is the #1 place to retire.
6. Sarasota, Florida
- Median list price: $332,245
- 1-year price change: 0.7%
Ranked as the top place to retire by US News and World Report, Sarasota also offers a pretty stable housing market too. Prices barely budged since last year, according to Trulia. But values are up, which makes homes in the area a good investment. Also, for those looking for a job, unemployment rates are relatively low too.
Next: This city is going through a rebuilding boom.
7. Houston, Texas
- Median list price: $299,520
- 1-year price change: 0.4%
Hurricane Harvey left destruction and flooding in its wake, which put the city in rebuilding mode, Trulia reports. As a result, the city issued the second most building permits in the country last year. And while home prices are low and prices haven’t increased much, Trulia notes this market is in transition. Residents are still displaced from the hurricane, plus rebuilding efforts are still underway.
Next: This city offers a pretty sweet home price versus value position.
8. San Antonio, Texas
- Median list price: $269,499
- 1-year price change: -5.4%
Although San Antonio’s home prices dropped, values increased 9.4% in the last year, Trulia reports. Values are 1.4% higher in San Antonio than the national average. What’s happening in San Antonio? Trulia researchers wonder if less pricey homes just recently went on sale or that wages increased as job growth was on fire.
Next: No housing boom or bust in this market.
9. Milwaukee, Wisconsin
- Median list price: $229,900
- 1-year price change: none
If you are looking for some consistency, move to Milwaukee. There’s been no pricing change in a year, plus median list prices are low, Trulia reports. The area is also a great place if you are looking for a job. Unemployment rates are at 3.2%. While wages increased by 6.7%.
Next: While these list prices are lowest on the list, it isn’t all rosy in this city.
10. Camden, New Jersey
- Median list price: $174,900
- 1-year price change: none
Camden, New Jersey may have an unchanged market with low median list prices, but the city has challenges, according to Trulia. While the market is considered to be stable, growth in other areas are not booming. Home values are barely up. Also, unemployment rates are higher than the national average. Unemployment numbers did dip slightly by 0.06%.
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