The first couple of years of the COVID-19 period had a great influence on American housing, thus making people move out from costly places populated with several persons. However, during this time, there were high mortgage rates and a lot of demand for houses that caused conflicts between potential buyers who fought so hard to get themselves a house.
Nevertheless, the landscape of residential real estate in the United States has evolved significantly in 2023. Sales have significantly decelerated, citing an increase in housing loan rates and prospective homeowners reluctant to surrender their dirt-cheap loans. As much as Austin, Texas, and even San Francisco would be thought of as traditionally hot or expensive markets, their house values are already declining by at least ten percent, as per the Washington Post’s evaluation based on the home price data gathered throughout the region. In 18 cities, the April 2020 list prices are lower than they were in the same month a year ago, while in all but one city, the April 2020 median list price is below the state median for any month. One example is in Providence-Warwick, Rhode Island. This is the only city in the state with available information. The median list price in this city is $529,900, while Rhode Island’s median stands at $525,500.
The average price per square foot across 26 cities is slightly lower than the statewide figure by about 50%. For example, in Olean, New York, they even get this by just 20%, the median being only $125,000 as it compares Contrary to this, these cities usually have small homes as compared to that which the statewide standard prices would normally guarantee despite the fact they have the lowest list fees on their states.
Alabama: Selma
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- Median list price, April 2023: $75,500 (Alabama: $330,000)
- Year-over-year change in median list price: -5.6% (Alabama: +10.0%)
- Median size of home on the market: 1,682 sq. ft. (Alabama: 1,994 sq. ft.)
- Num. of homes on the market in the city: 67
- Cities considered in state: 25
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Alaska: Fairbanks
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- Median list price, April 2023: $349,900 (Alaska: $415,000)
- Year-over-year change in median list price: +6.0% (Alaska: +3.8%)
- Median size of home on the market: 1,796 sq. ft. (Alaska: 1,850 sq. ft.)
- Num. of homes on the market in the city: 133
- Cities considered in state: 4
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Arizona: Safford
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- Median list price, April 2023: $302,500 (Arizona: $495,000)
- Year-over-year change in median list price: +8.1% (Arizona: -0.8%)
- Median size of home on the market: 1,900 sq. ft. (Arizona: 1,956 sq. ft.)
- Num. of homes on the market in the city: 39
- Cities considered in state: 11
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Arkansas: Hope
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- Median list price, April 2023: $119,000 (Arkansas: $289,900)
- Year-over-year change in median list price: -14.3% (Arkansas: +16.2%)
- Median size of home on the market: 1,611 sq. ft. (Arkansas: 1,908 sq. ft.)
- Num. of homes on the market in the city: 69
- Cities considered in state: 21
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California: Susanville
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- Median list price, April 2023: $308,950 (California: $750,000)
- Year-over-year change in median list price: -0.3% (California: -1.3%)
- Median size of home on the market: 1,623 sq. ft. (California: 1,805 sq. ft.)
- Num. of homes on the market in the city: 76
- Cities considered in state: 34
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Colorado: Sterling
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- Median list price, April 2023: $245,000 (Colorado: $639,925)
- Year-over-year change in median list price: +24.2% (Colorado: +1.6%)
- Median size of home on the market: 1,506 sq. ft. (Colorado: 2,214 sq. ft.)
- Num. of homes on the market in the city: 56
- Cities considered in state: 17
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Connecticut: Hartford-East Hartford-Middletown
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- Median list price, April 2023: $399,900 (Connecticut: $559,900)
- Year-over-year change in median list price: +14.3% (Connecticut: +20.4%)
- Median size of home on the market: 1,984 sq. ft. (Connecticut: 2,184 sq. ft.)
- Num. of homes on the market in the city: 839
- Cities considered in state: 5
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Delaware: Dover
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- Median list price, April 2023: $409,500 (Delaware: $494,900)
- Year-over-year change in median list price: +1.9% (Delaware: +8.7%)
- Median size of home on the market: 2,016 sq. ft. (Delaware: 2,180 sq. ft.)
- Num. of homes on the market in the city: 281
- Cities considered in state: 1
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Florida: Sebring-Avon Park
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- Median list price, April 2023: $295,000 (Florida: $467,990)
- Year-over-year change in median list price: +5.4% (Florida: -0.2%)
- Median size of home on the market: 1,550 sq. ft. (Florida: 1,704 sq. ft.)
- Num. of homes on the market in the city: 492
- Cities considered in state: 29
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Georgia: Thomaston
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- Median list price, April 2023: $183,700 (Georgia: $395,400)
- Year-over-year change in median list price: -14.6% (Georgia: +4.3%)
- Median size of home on the market: 1,535 sq. ft. (Georgia: 2,184 sq. ft.)
- Num. of homes on the market in the city: 69
- Cities considered in state: 37
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Hawaii: Hilo
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- Median list price, April 2023: $645,000 (Hawaii: $852,500)
- Year-over-year change in median list price: +25.2% (Hawaii: +3.3%)
- Median size of home on the market: 1,479 sq. ft. (Hawaii: 1,251 sq. ft.)
- Num. of homes on the market in the city: 661
- Cities considered in state: 4
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Idaho: Mountain Home
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- Median list price, April 2023: $375,000 (Idaho: $574,900)
- Year-over-year change in median list price: -11.7% (Idaho: -4.0%)
- Median size of home on the market: 1,744 sq. ft. (Idaho: 2,208 sq. ft.)
- Num. of homes on the market in the city: 56
- Cities considered in state: 13
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Illinois: Macomb
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- Median list price, April 2023: $69,900 (Illinois: $310,000)
- Year-over-year change in median list price: +24.8% (Illinois: +7.8%)
- Median size of home on the market: 1,320 sq. ft. (Illinois: 1,708 sq. ft.)
- Num. of homes on the market in the city: 64
- Cities considered in state: 26
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Indiana: Marion
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- Median list price, April 2023: $92,500 (Indiana: $299,900)
- Year-over-year change in median list price: +22.5% (Indiana: +15.4%)
- Median size of home on the market: 1,500 sq. ft. (Indiana: 1,963 sq. ft.)
- Num. of homes on the market in the city: 58
- Cities considered in state: 38
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Iowa: Fort Madison-Keokuk
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- Median list price, April 2023: $125,000 (Iowa: $315,000)
- Year-over-year change in median list price: +8.5% (Iowa: +15.9%)
- Median size of home on the market: 1,472 sq. ft. (Iowa: 1,624 sq. ft.)
- Num. of homes on the market in the city: 96
- Cities considered in state: 23
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Kansas: Atchison
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- Median list price, April 2023: $120,000 (Kansas: $314,825)
- Year-over-year change in median list price: -11.1% (Kansas: +26.0%)
- Median size of home on the market: 1,756 sq. ft. (Kansas: 2,098 sq. ft.)
- Num. of homes on the market in the city: 16
- Cities considered in state: 19
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Kentucky: Maysville
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- Median list price, April 2023: $92,500 (Kentucky: $299,950)
- Year-over-year change in median list price: -38.8% (Kentucky: +15.4%)
- Median size of home on the market: 1,374 sq. ft. (Kentucky: 1,910 sq. ft.)
- Num. of homes on the market in the city: 15
- Cities considered in state: 21
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Louisiana: Minden
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- Median list price, April 2023: $140,000 (Louisiana: $289,250)
- Year-over-year change in median list price: -10.8% (Louisiana: +0.8%)
- Median size of home on the market: 1,625 sq. ft. (Louisiana: 1,890 sq. ft.)
- Num. of homes on the market in the city: 64
- Cities considered in state: 18
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Maine: Bangor
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- Median list price, April 2023: $265,000 (Maine: $425,000)
- Year-over-year change in median list price: +10.7% (Maine: +11.6%)
- Median size of home on the market: 1,680 sq. ft. (Maine: 1,700 sq. ft.)
- Num. of homes on the market in the city: 167
- Cities considered in state: 4
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Maryland: Cumberland
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- Median list price, April 2023: $139,900 (Maryland: $420,000)
- Year-over-year change in median list price: +11.9% (Maryland: +10.5%)
- Median size of home on the market: 1,592 sq. ft. (Maryland: 1,906 sq. ft.)
- Num. of homes on the market in the city: 142
- Cities considered in state: 7
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Massachusetts: Springfield
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- Median list price, April 2023: $369,000 (Massachusetts: $759,000)
- Year-over-year change in median list price: +3.8% (Massachusetts: +11.6%)
- Median size of home on the market: 1,708 sq. ft. (Massachusetts: 1,852 sq. ft.)
- Num. of homes on the market in the city: 437
- Cities considered in state: 6
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Michigan: Saginaw
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- Median list price, April 2023: $149,000 (Michigan: $280,000)
- Year-over-year change in median list price: +1.8% (Michigan: +8.1%)
- Median size of home on the market: 1,552 sq. ft. (Michigan: 1,603 sq. ft.)
- Num. of homes on the market in the city: 185
- Cities considered in state: 31
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Minnesota: Marshall
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- Median list price, April 2023: $186,185 (Minnesota: $400,000)
- Year-over-year change in median list price: +20.1% (Minnesota: +5.8%)
- Median size of home on the market: 1,739 sq. ft. (Minnesota: 2,005 sq. ft.)
- Num. of homes on the market in the city: 24
- Cities considered in state: 22
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Mississippi: Clarksdale
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- Median list price, April 2023: $55,000 (Mississippi: $279,900)
- Year-over-year change in median list price: -38.9% (Mississippi: +9.8%)
- Median size of home on the market: 1,557 sq. ft. (Mississippi: 2,023 sq. ft.)
- Num. of homes on the market in the city: 26
- Cities considered in state: 22
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Missouri: Kennett
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- Median list price, April 2023: $102,200 (Missouri: $300,000)
- Year-over-year change in median list price: +27.8% (Missouri: +11.2%)
- Median size of home on the market: 1,562 sq. ft. (Missouri: 1,805 sq. ft.)
- Num. of homes on the market in the city: 62
- Cities considered in state: 25
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Montana: Butte-Silver Bow
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- Median list price, April 2023: $373,000 (Montana: $660,000)
- Year-over-year change in median list price: +13.4% (Montana: +7.8%)
- Median size of home on the market: 1,875 sq. ft. (Montana: 2,162 sq. ft.)
- Num. of homes on the market in the city: 68
- Cities considered in state: 7
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Nebraska: Scottsbluff
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- Median list price, April 2023: $254,950 (Nebraska: $371,900)
- Year-over-year change in median list price: +4.1% (Nebraska: +24.0%)
- Median size of home on the market: 1,447 sq. ft. (Nebraska: 2,213 sq. ft.)
- Num. of homes on the market in the city: 64
- Cities considered in state: 12
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Nevada: Fallon
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- Median list price, April 2023: $386,780 (Nevada: $475,000)
- Year-over-year change in median list price: +1.8% (Nevada: -5.0%)
- Median size of home on the market: 1,660 sq. ft. (Nevada: 1,910 sq. ft.)
- Num. of homes on the market in the city: 33
- Cities considered in state: 9
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New Hampshire: Berlin
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- Median list price, April 2023: $249,991 (New Hampshire: $549,000)
- Year-over-year change in median list price: +12.1% (New Hampshire: +15.6%)
- Median size of home on the market: 1,606 sq. ft. (New Hampshire: 1,922 sq. ft.)
- Num. of homes on the market in the city: 72
- Cities considered in state: 6
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New Jersey: Vineland-Bridgeton
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- Median list price, April 2023: $269,900 (New Jersey: $518,000)
- Year-over-year change in median list price: +35.0% (New Jersey: +12.9%)
- Median size of home on the market: 1,497 sq. ft. (New Jersey: 1,724 sq. ft.)
- Num. of homes on the market in the city: 180
- Cities considered in state: 4
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New Mexico: Deming
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- Median list price, April 2023: $189,000 (New Mexico: $375,000)
- Year-over-year change in median list price: +22.0% (New Mexico: +8.7%)
- Median size of home on the market: 1,800 sq. ft. (New Mexico: 1,993 sq. ft.)
- Num. of homes on the market in the city: 34
- Cities considered in state: 19
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New York: Olean
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- Median list price, April 2023: $125,000 (New York: $639,945)
- Year-over-year change in median list price: +0.1% (New York: +6.7%)
- Median size of home on the market: 1,438 sq. ft. (New York: 1,560 sq. ft.)
- Num. of homes on the market in the city: 96
- Cities considered in state: 27
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North Carolina: Laurinburg
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- Median list price, April 2023: $209,450 (North Carolina: $419,720)
- Year-over-year change in median list price: +43.8% (North Carolina: +6.3%)
- Median size of home on the market: 2,039 sq. ft. (North Carolina: 2,075 sq. ft.)
- Num. of homes on the market in the city: 30
- Cities considered in state: 37
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North Dakota: Jamestown
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- Median list price, April 2023: $179,900 (North Dakota: $332,060)
- Year-over-year change in median list price: -15.1% (North Dakota: +10.7%)
- Median size of home on the market: 1,834 sq. ft. (North Dakota: 2,118 sq. ft.)
- Num. of homes on the market in the city: 23
- Cities considered in state: 8
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Ohio: Portsmouth
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- Median list price, April 2023: $129,500 (Ohio: $249,900)
- Year-over-year change in median list price: -19.1% (Ohio: +19.0%)
- Median size of home on the market: 1,440 sq. ft. (Ohio: 1,720 sq. ft.)
- Num. of homes on the market in the city: 83
- Cities considered in state: 42
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Oklahoma: Miami
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- Median list price, April 2023: $147,000 (Oklahoma: $315,000)
- Year-over-year change in median list price: +84.0% (Oklahoma: +26.0%)
- Median size of home on the market: 1,447 sq. ft. (Oklahoma: 1,960 sq. ft.)
- Num. of homes on the market in the city: 48
- Cities considered in state: 21
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Oregon: Hermiston-Pendleton
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- Median list price, April 2023: $355,000 (Oregon: $569,900)
- Year-over-year change in median list price: -3.4% (Oregon: +3.6%)
- Median size of home on the market: 1,854 sq. ft. (Oregon: 1,892 sq. ft.)
- Num. of homes on the market in the city: 169
- Cities considered in state: 20
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Pennsylvania: Johnstown
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- Median list price, April 2023: $98,500 (Pennsylvania: $290,000)
- Year-over-year change in median list price: +15.9% (Pennsylvania: +2.6%)
- Median size of home on the market: 1,585 sq. ft. (Pennsylvania: 1,696 sq. ft.)
- Num. of homes on the market in the city: 125
- Cities considered in state: 35
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Rhode Island: Providence-Warwick
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- Median list price, April 2023: $529,900 (Rhode Island: $525,500)
- Year-over-year change in median list price: +11.6% (Rhode Island: +14.5%)
- Median size of home on the market: 1,664 sq. ft. (Rhode Island: 1,605 sq. ft.)
- Num. of homes on the market in the city: 1,220
- Cities considered in state: 1
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South Carolina: Bennettsville
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- Median list price, April 2023: $127,170 (South Carolina: $359,925)
- Year-over-year change in median list price: -12.3% (South Carolina: +3.4%)
- Median size of home on the market: 1,736 sq. ft. (South Carolina: 1,987 sq. ft.)
- Num. of homes on the market in the city: 22
- Cities considered in state: 16
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South Dakota: Vermillion
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- Median list price, April 2023: $199,900 (South Dakota: $369,900)
- Year-over-year change in median list price: -38.8% (South Dakota: +13.8%)
- Median size of home on the market: 1,947 sq. ft. (South Dakota: 1,829 sq. ft.)
- Num. of homes on the market in the city: 11
- Cities considered in state: 11
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Tennessee: Union City
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- Median list price, April 2023: $187,000 (Tennessee: $444,900)
- Year-over-year change in median list price: +29.0% (Tennessee: +11.5%)
- Median size of home on the market: 1,549 sq. ft. (Tennessee: 2,106 sq. ft.)
- Num. of homes on the market in the city: 42
- Cities considered in state: 27
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Texas: Vernon
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- Median list price, April 2023: $109,250 (Texas: $384,900)
- Year-over-year change in median list price: -18.4% (Texas: +4.1%)
- Median size of home on the market: 1,456 sq. ft. (Texas: 2,043 sq. ft.)
- Num. of homes on the market in the city: 19
- Cities considered in state: 71
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Utah: Price
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- Median list price, April 2023: $414,000 (Utah: $619,900)
- Year-over-year change in median list price: +56.2% (Utah: -3.1%)
- Median size of home on the market: 1,753 sq. ft. (Utah: 2,582 sq. ft.)
- Num. of homes on the market in the city: 62
- Cities considered in state: 9
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Vermont: Rutland
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- Median list price, April 2023: $275,000 (Vermont: $447,250)
- Year-over-year change in median list price: -17.9% (Vermont: +12.1%)
- Median size of home on the market: 1,872 sq. ft. (Vermont: 1,898 sq. ft.)
- Num. of homes on the market in the city: 99
- Cities considered in state: 4
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Virginia: Big Stone Gap
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- Median list price, April 2023: $154,500 (Virginia: $449,000)
- Year-over-year change in median list price: +10.4% (Virginia: +8.2%)
- Median size of home on the market: 1,736 sq. ft. (Virginia: 2,061 sq. ft.)
- Num. of homes on the market in the city: 66
- Cities considered in state: 12
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Washington: Moses Lake
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- Median list price, April 2023: $383,700 (Washington: $649,000)
- Year-over-year change in median list price: -0.9% (Washington: +1.6%)
- Median size of home on the market: 1,617 sq. ft. (Washington: 2,048 sq. ft.)
- Num. of homes on the market in the city: 171
- Cities considered in state: 20
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West Virginia: Mount Gay-Shamrock
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- Median list price, April 2023: $105,000 (West Virginia: $229,900)
- Year-over-year change in median list price: -17.3% (West Virginia: +15.5%)
- Median size of home on the market: 1,800 sq. ft. (West Virginia: 1,775 sq. ft.)
- Num. of homes on the market in the city: 27
- Cities considered in state: 13
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Wisconsin: Marinette
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- Median list price, April 2023: $222,400 (Wisconsin: $374,900)
- Year-over-year change in median list price: +23.6% (Wisconsin: +15.4%)
- Median size of home on the market: 1,568 sq. ft. (Wisconsin: 1,805 sq. ft.)
- Num. of homes on the market in the city: 86
- Cities considered in state: 23
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Wyoming: Rock Springs
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- Median list price, April 2023: $291,000 (Wyoming: $459,000)
- Year-over-year change in median list price: +22.3% (Wyoming: +22.4%)
- Median size of home on the market: 2,224 sq. ft. (Wyoming: 2,376 sq. ft.)
- Num. of homes on the market in the city: 56
- Cities considered in state: 9
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The U.S. residential real estate market, which experienced a surge amid the initial years of the COVID-19 pandemic, has seen a notable slowdown in 2023. Factors such as rising interest rates and homeowners hesitating to part with their low-rate mortgages have contributed to this shift, resulting in declining home prices even in traditionally hot markets. This change is evident across various cities, with 18 of them showing decreased list prices compared to the previous year. Additionally, in many cities, the median list price is now lower than the state median, reflecting a broader trend of affordability concerns in the housing market.
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