Affordable Housing

Prices are falling in these 7 cities: Great news for first-time homebuyers

Available home inventory is still low across the United States. Low supply has been pushing prices up, but there are several major markets where home prices have fallen significantly since last year. A recent study analyzed home prices from Zillow’s real estate index to zero-in on major cities that are seeing housing become more affordable.

Geographically, there are some loose patterns among these cities. Perhaps most notably is that three Texas real estate markets showed a marked decline in prices year-over-year. At a broader level, six of the seven cities are located in the Census-designated South region of the U.S.

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Take a look at these seven cities and the change in their home prices over the last year:

San Antonio, Texas

  • Median list price 2018: $266,499
  • Median list price 2017: $275,000
  • YOY Change (%): -3.1%
  • YOY Change ($): -$8,501

Charlottesville, Virginia

  • Median list price 2018: $364,900
  • Median list price 2017: $385,000
  • YOY Change (%): -5.2%
  • YOY Change ($): -$20,100

Naples, Florida

  • Median list price 2018: $399,925
  • Median list price 2017: $445,000
  • YOY Change (%): -10.1%
  • YOY Change ($): -$45,075

Salinas, California

  • Median list price 2018: $749,000
  • Median list price 2017: $769,900
  • YOY Change (%): -2.7%
  • YOY Change ($): -$20,900

Lafayette, Louisiana

  • Median list price 2018: $199,000
  • Median list price 2017: $209,500
  • YOY Change (%): -5.0%
  • YOY Change ($): -$10,500

College Station, Texas

  • Median list price 2018: $262,500
  • Median list price 2017: $289,900
  • YOY Change (%): -9.5%
  • YOY Change ($): -$27,400

Austin, Texas

  • Median list price 2018: $327,000
  • Median list price 2017: $336,995
  • YOY Change (%): -3.0%
  • YOY Change ($): -$9,995

Falling home prices are good news for first-time homebuyers in the U.S. In fact, all of these cities fall into states that favor first-time homebuyers, according to another real estate study. Texas, California, Virginia and Louisiana all rank among the best states for first-time homebuyers.

Source: Andrew Depietro

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