Annual home list prices have dropped for the first time in years, according to a new Realtor.com report. And while the dips in price have been relatively small, drops have been more dramatic in some places than others. The Realtor.com report found that the biggest drops were occurring in areas where home prices soared amid the pandemic, such as the West and the South.
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To identify the places with the best deals this summer, Realtor.com looked at the median price per square foot in the 100 largest metropolitan areas in May 2023 versus May 2022. Here are the 10 cities where prices have dropped the most that offer the best deals for prospective buyers.
10.Chicago
Median listing price: $376,000
Median listing price per square foot: $205
Change in year-over-year price per square foot: -1.1%
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9.Sacramento, Calif
Median listing price: $662,875
Median listing price per square foot: $340
Change in year-over-year price per square foot: -3.4%
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8. Winston-Salem, North Carolina
Median listing price: $345,899
Median listing price per square foot: $148
Change in year-over-year price per square foot: -3.6%
7. Pittsburgh
Median listing price: $238,250
Median listing price per square foot: $152
Change in year-over-year price per square foot: -3.9%
6. Salt Lake City
Median listing price: $635,000
Median listing price per square foot: $247
Change in year-over-year price per square foot: -4.0%
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5. Sarasota, Florida
Median listing price: $549,900
Median listing price per square foot: $305
Change in year-over-year price per square foot: -4.7%
4.Phoenix
Median listing price: $529,450
Median listing price per square foot: $274
Change in year-over-year price per square foot: -5.6%
3.Myrtle Beach, South Carolina
Median listing price: $366,075
Median listing price per square foot: $225
Change in year-over-year price per square foot: -7.3%
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2. Austin, Texas
Median listing price: $583,751
Median listing price per square foot: $276
Change in year-over-year price per square foot: -7.7%
1.Boise, Idaho
Median listing price: $609,875
Median listing price per square foot: $282
Change in year-over-year price per square foot: -7.8%
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All data is sourced from Realtor.com and is accurate as of June 12, 2023.
This article originally appeared on GOBankingRates.com: 10 Cities Where Homebuyers Can Find the Best Deals This Summer