Where You Can Get Your Most Bang For Your Buck Buying A House This Summer

The fluctuation of the home market has had potential buyers on the edge of their seats, watching to see if listing and selling prices are falling into their desired range. And while record home prices were seen across the country, things are starting to change for the better. According to Realtor.com, homes sold in May 2023 were priced lower than they had been in May 2022. While nationally, prices are falling, there are a few areas that are seeing more of a decline than others.

In some areas, the recent boom of new construction housing reduced some of the home shortage issues that caused an increase in home prices. Areas that saw an increase in new buyers during the pandemic are also currently seeing a decline. Mark Zandi, a chief economist for Moody's Analytics, tells Realtor.com, "Those markets that got the most juiced during the pandemic — where the prices really took off — are the markets where they're now suffering the biggest declines because affordability has been the hardest there." The economist also believes prices will continue to decline another 3% to 4% over the next year because of higher mortgage rates. Bigger cities seem to be facing a home price decline, but these are the ones that might delight potential buyers this summer.

Boise, Idaho, and Austin, Texas, which saw some of the fastest rising prices during the pandemic, are currently ranked first and second, respectively, where home prices are falling in 2023, per Realtor.com. Boise, Idaho, has a median list price of $609,875, which is a 7.8% decline in price per square foot from 2022 to 2023. Austin, Texas, is right behind with a median list price of $583,751 and a 7.7% decline in price per square foot over the last year.

Rounding out the top three is Myrtle Beach, South Carolina, with a median list price of $366,075 with a 7.3% decrease in price per square foot. The rest of the top ten, in descending order, are Phoenix, Arizona (median list price of $529,450, 5.6% decrease). Sarasota, Florida (median list price of $549,900, 4.7% decrease). Salt Lake City, Utah (median list price of $635,000, 4% decrease). Pittsburgh, Pennsylvania (median list price $238,250, 3.9% decrease). Winston-Salem, North Carolina (median list price $345,899, 3.6% decrease). Sacramento, California (median list price $662,875, 3.4% decrease). Chicago, Illinois (media list price $376,00, 1.1% decrease).

Across the board, these are the cities and metro areas that have seen the highest price reduction in the country. If you're looking to buy in or around these cities, there's a good chance you'll find better deals now and in the coming months.