25 Cities Where Home Prices Are Falling Most Now

1. Santa Cruz, California

Year-Over-Year Change in Median List Price: -7.7%

Santa Cruz ranks at the top of the 25 cities where home prices are falling most. The city is located in Santa Cruz County in Northern California. The city offers a high median list price of $1,199,000 as recorded in March. As compared to the pre-pandemic time period, the median list price in Santa Cruz has climbed by 34.1%. However, this price declined by 7.7% between March 2023 and March 2024. Mentioning the trend of falling home prices in Santa Cruz, Redfin has also reported that homes in the market are currently selling for a median price which is 10.7% lower as compared to 2023. The market is somewhat competitive since average homes sell for approximately 1% above the list price while hot homes sell for nearly 5% above the list price. The migration trends for Santa Cruz also depict the interest of local homebuyers in the markets. From February to April, 78% of Santa Cruz homebuyers looked to stay within the Santa Cruz metropolitan area while only 22% wanted to move out. The top three metros from where people are moving to Santa Cruz include New York, Santa Barbara, and Pensacola. Another relief for those interested in buying a home in the city is that the active inventory has gone up by 20.5% year-over-year. In terms of new listings, a 22.7% rise has been recorded over the past 1 year.

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