{"id":8437,"date":"2026-09-11T08:17:40","date_gmt":"2026-09-11T15:17:40","guid":{"rendered":"https:\/\/homebuyinginstitute.com\/mortgage\/?p=8437"},"modified":"2026-09-11T08:23:32","modified_gmt":"2026-09-11T15:23:32","slug":"where-list-prices-dropped-the-most","status":"publish","type":"post","link":"https:\/\/homebuyinginstitute.com\/mortgage\/where-list-prices-dropped-the-most\/","title":{"rendered":"The 10 U.S. Housing Markets Where List Prices Dropped the Most"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Home prices continue to show weakness in most housing markets across the United States.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The latest evidence comes from the August\u00a0<a href=\"https:\/\/www.realtor.com\/research\/August-2026-data\/\" target=\"_blank\" rel=\"noreferrer noopener\">Monthly Housing Trends<\/a>\u00a0report from Realtor.com. It showed that the nationwide median listing price dropped 1.3% over the past year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But some housing markets are experiencing even\u00a0stronger downward pressure\u00a0on prices, with year-over-year declines of more than 5% and up to 10%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To name a few: the&nbsp;<strong>Memphis, Austin, and Tampa<\/strong>&nbsp;housing markets had three of the steepest year-over-year declines in real estate listing prices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">List Prices Are Falling in Many U.S. Cities<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">According to this latest analysis, real estate list prices nationwide declined by 1.3% year-over-year, while roughly 20% of listings had a price reduction.<\/p>\n\n\n\n<p class=\"has-background wp-block-paragraph\" style=\"background-color:#f7f7f7\"><strong>Definition:<\/strong>\u00a0The median list price\u00a0is the middle asking price for all homes listed for sale in a certain area, with half of the listings priced higher and the other half lower.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company added that the &#8220;list price per square foot, which adjusts for changes in the size mix of homes for sale, declined 1.8%.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But, as usual, there&#8217;s a lot of variance from one market to the next.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some housing markets across the U.S. have experienced even deeper list-price declines over the past year, with additional declines likely.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Memphis, Austin, and Tampa top that list.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">10 Metro Areas Where Prices Dropped the Most<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We sorted Realtor.com&#8217;s data by the&nbsp;<strong>year-over-year change<\/strong>&nbsp;in median list prices. Here are the 10 metro areas where list prices dropped the most:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Memphis, TN: -9.9%<\/li>\n\n\n\n<li>Austin-Round Rock-San Marcos, TX: -9.8%<\/li>\n\n\n\n<li>Tampa-St. Petersburg-Clearwater, FL: -6.0%<\/li>\n\n\n\n<li>Washington-Arlington-Alexandria, DC-VA-MD: -5.8%<\/li>\n\n\n\n<li>Baltimore-Columbia-Towson, MD: -5.5%<\/li>\n\n\n\n<li>San Diego-Chula Vista-Carlsbad, CA: -5.4%<\/li>\n\n\n\n<li>Indianapolis-Carmel-Greenwood, IN: -5.3%<\/li>\n\n\n\n<li>San Francisco-Oakland-Berkeley, CA: -5.0%<\/li>\n\n\n\n<li>Jacksonville, FL: -4.8%<\/li>\n\n\n\n<li>Phoenix-Mesa-Chandler, AZ: -4.8%<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Note: These numbers apply to the 12-month period from August 2025 to August 2026.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5 Housing Markets With the Biggest Declines<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Here&#8217;s an in-depth look at the five housing markets where real estate list prices dropped the most over the past year.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">1. Memphis, TN<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Median List Price:<\/strong>&nbsp;$299,990&nbsp;<strong>(-9.9% YoY)<\/strong><\/li>\n\n\n\n<li><strong>Price Per Sq. Ft. Change:<\/strong>&nbsp;-4.1%<\/li>\n\n\n\n<li><strong>Price Reduction Share:<\/strong>&nbsp;25.3% (+1.4 pts YoY)<\/li>\n\n\n\n<li><strong>Active Inventory:<\/strong>&nbsp;+9.8% YoY<\/li>\n\n\n\n<li><strong>Median Days on Market:<\/strong>&nbsp;61 days (+4 days YoY)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Memphis stands out the most with a nearly 10% year-over-year decline in its median list price, bringing the metro&#8217;s median just under $300,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">About one-fourth of all Memphis-area listings had a price cut last month. This occurs when sellers come onto the market at one price but later reduce it due to a lack of offers.<\/p>\n\n\n\n<p class=\"has-background wp-block-paragraph\" style=\"background-color:#f7f7f7\">The Memphis real estate market currently favors buyers, and the pendulum probably won&#8217;t swing back in the other direction for a while longer.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">2. Austin-Round Rock-San Marcos, TX<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Median List Price:<\/strong>&nbsp;$450,000 (<strong>-9.8% YoY<\/strong>)<\/li>\n\n\n\n<li><strong>Price Per Sq. Ft. Change:<\/strong>&nbsp;-8.1%<\/li>\n\n\n\n<li><strong>Price Reduction Share:<\/strong>&nbsp;27.6% (-1.1 pts YoY)<\/li>\n\n\n\n<li><strong>Active Inventory:<\/strong>&nbsp;+0.3% YoY<\/li>\n\n\n\n<li><strong>Median Days on Market:<\/strong>&nbsp;68 days (+1 day YoY)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Austin&#8217;s multi-year housing correction and price decline continues into late 2026, putting it at the #2 spot nationally for list price declines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Austin-area homes currently spend a median of 68 days on market, well above the national median. This shows that buyers are taking their time and refusing to overpay in a market that saw rapid appreciation during the pandemic surge.<\/p>\n\n\n\n<p class=\"has-background wp-block-paragraph\" style=\"background-color:#f7f7f7\"><strong>Fact:<\/strong>&nbsp;The Austin housing market is currently experiencing its&nbsp;longest sustained home-price decline in over 30 years, which has been going on since mid-2022.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">3. Tampa-St. Petersburg-Clearwater, FL<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Median List Price:<\/strong>&nbsp;$390,000 (<strong>-6.0% YoY<\/strong>)<\/li>\n\n\n\n<li><strong>Price Per Sq. Ft. Change:<\/strong>&nbsp;-5.6%<\/li>\n\n\n\n<li><strong>Price Reduction Share:<\/strong>&nbsp;25.5% (-2.0 pts YoY)<\/li>\n\n\n\n<li><strong>Active Inventory:<\/strong>&nbsp;-6.4% YoY<\/li>\n\n\n\n<li><strong>Median Days on Market:<\/strong>&nbsp;52 days (-3 days YoY)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The Tampa-area real estate market ranks third in the nation with a 6% year-over-year decline in its median list price. It also had the second-largest drop in price per square foot (-5.6%).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Tampa housing market has favored buyers over sellers for a while now. Zillow currently labels it as a buyer&#8217;s market, and Redfin data shows that sellers outnumber buyers by 74%.<\/p>\n\n\n\n<p class=\"has-background wp-block-paragraph\" style=\"background-color:#f7f7f7\">So it&#8217;s no surprise to see Tampa among the housing markets with the largest year-over-year decline in asking prices.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4. Washington-Arlington-Alexandria, DC-VA-MD<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Median List Price:<\/strong>&nbsp;$565,000 (<strong>-5.8% YoY<\/strong>)<\/li>\n\n\n\n<li><strong>Price Per Sq. Ft. Change:<\/strong>&nbsp;-2.1%<\/li>\n\n\n\n<li><strong>Price Reduction Share:<\/strong>&nbsp;19.0% (+1.5 pts YoY)<\/li>\n\n\n\n<li><strong>Active Inventory:<\/strong>&nbsp;+13.8% YoY<\/li>\n\n\n\n<li><strong>Median Days on Market:<\/strong>&nbsp;43 days (+4 days YoY)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The Washington, DC metropolitan area saw its median list price drop 5.8% year-over-year to $565,000, creating some breathing room for buyers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Supply growth is the main reason for this. Active listings within the Washington, DC-area housing market surged by 13.8% last month, compared to a year ago. This gives buyers more options and reduces the chance of a bidding war.&nbsp;<\/p>\n\n\n\n<p class=\"has-background wp-block-paragraph\" style=\"background-color:#f7f7f7\">And that 19% price reduction rate shows that D.C. area sellers are getting a reality check, when it comes to pricing their homes for the market.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">5. Baltimore-Columbia-Towson, MD<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Median List Price:<\/strong>&nbsp;$375,000 (<strong>-5.5% YoY<\/strong>)<\/li>\n\n\n\n<li><strong>Price Per Sq. Ft. Change:<\/strong>&nbsp;-3.2%<\/li>\n\n\n\n<li><strong>Price Reduction Share:<\/strong>&nbsp;20.4% (+1.2 pts YoY)<\/li>\n\n\n\n<li><strong>Active Inventory:<\/strong>&nbsp;+19.2% YoY<\/li>\n\n\n\n<li><strong>Median Days on Market:<\/strong>&nbsp;45 days (+5 days YoY)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Traveling northeast from D.C., we reach another one of the housing markets where list prices have dropped: Baltimore, Maryland.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mirroring trends in neighboring Washington, Baltimore&#8217;s housing market saw a 5.5% annual drop in median list price to $375,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Baltimore also experienced one of the biggest increases in housing market supply among the major East Coast metros, with active listings jumping 19.2% year-over-year.<\/p>\n\n\n\n<p class=\"has-background wp-block-paragraph\" style=\"background-color:#f7f7f7\">These two trends are connected. When inventory rises sharply, sellers face more competition and often have to adjust their pricing strategies.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Why Are List Prices Falling in Many U.S. Cities?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Several of the housing markets with the biggest list-price declines are also seeing changes in inventory and buyer behavior.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, active listings in Baltimore increased 19.2% over the past year. Washington saw a 13.8% increase, while Memphis had 9.8% more active listings than a year earlier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When there are more homes for sale, sellers have more competition. This can make it harder for them to attract buyers without adjusting their asking prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buyers today are also more price-sensitive\u00a0<a href=\"https:\/\/www.investing.com\/news\/economic-indicators\/us-consumer-sentiment-deteriorates-in-september-inflation-expectations-rise-4898148\" target=\"_blank\" rel=\"noreferrer noopener\">and less confident<\/a>\u00a0due to higher mortgage rates, higher fuel and food prices, and economic uncertainty in general.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>In short:<\/strong>&nbsp;buyers today have more choices and more time to shop in many housing markets. That forces sellers to be more flexible on the asking prices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sign Up for Weekly Housing News<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Want to keep up with home prices and other housing market trends across the U.S.?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There&#8217;s a newsletter for that. It&#8217;s called&nbsp;<em>Housing Weekly<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our weekly newsletter was created for real estate professionals, home buyers, investors, and anyone with a vested interest in housing market trends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sign up today, and you&#8217;ll receive weekly updates, analysis, and exclusive insights from a real estate market analyst with 20 years of experience.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices continue to show weakness in most housing markets across the United States. The latest evidence comes from the August\u00a0Monthly Housing Trends\u00a0report from Realtor.com. It showed that the nationwide median listing price dropped 1.3% over the past year. But some housing markets are experiencing even\u00a0stronger downward pressure\u00a0on prices, with year-over-year declines of more than [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8443,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-8437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The 10 U.S. Housing Markets Where List Prices Dropped the Most<\/title>\n<meta name=\"description\" content=\"New data shows that list prices fell sharply in several U.S. housing markets, with Memphis, Austin, and Tampa seeing the biggest declines.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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