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
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Median listing price: $376,000
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Median listing price per square foot: $205
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Change in year-over-year price per square foot: -1.1%
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9.Sacramento, Calif
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Median listing price: $662,875
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Median listing price per square foot: $340
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Change in year-over-year price per square foot: -3.4%
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8. Winston-Salem, North Carolina
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Median listing price: $345,899
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Median listing price per square foot: $148
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Change in year-over-year price per square foot: -3.6%
7. Pittsburgh
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Median listing price: $238,250
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Median listing price per square foot: $152
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Change in year-over-year price per square foot: -3.9%
6. Salt Lake City
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Median listing price: $635,000
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Median listing price per square foot: $247
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Change in year-over-year price per square foot: -4.0%
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5. Sarasota, Florida
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Median listing price: $549,900
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Median listing price per square foot: $305
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Change in year-over-year price per square foot: -4.7%
4.Phoenix
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Median listing price: $529,450
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Median listing price per square foot: $274
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Change in year-over-year price per square foot: -5.6%
3.Myrtle Beach, South Carolina
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Median listing price: $366,075
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Median listing price per square foot: $225
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Change in year-over-year price per square foot: -7.3%
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2. Austin, Texas
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Median listing price: $583,751
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Median listing price per square foot: $276
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Change in year-over-year price per square foot: -7.7%
1.Boise, Idaho
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Median listing price: $609,875
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Median listing price per square foot: $282
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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