Special Report

The US Cities Where Home Values Are Falling the Fastest

Photo by Mark Wilson / Getty Images

In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back — and rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.

Between March 2020 and March 2021, the typical single-family American home appreciated in value from $250,179 to $276,717, a 10.6% increase. Of course, housing markets also respond to local forces, and in some parts of the country, home values have actually declined.

In 15 cities and towns with populations of 15,000 or more, home values have depreciated by at least 2.6% over the past year. In some of them, the value of a typical family home has plummeted by over 7.8%. Though these communities span the country, they tend to be concentrated in the Southern United States.

One factor that can contribute to rapidly climbing home prices at a local level is demand. And demand for housing is often precipitated by a growing population. According to the most recent available Census data, nine of the 15 cities and towns on this list reported population decline over the last one-year period.

Source: Nicolas McComber / Getty Images

15. San Francisco, California
> 1-yr. change in median home value: –2.6%
> Median home value; March 2021: $1,425,867
> 1-yr. population change: +0.6%
> Population: 874,961
> Median household income: $112,449

This is How Much Home You Can Buy For 200K in Every State

Source: Feverpitched / Getty Images

14. Millbrae, California
> 1-yr. change in median home value: –2.7%
> Median home value; March 2021: $1,789,642
> 1-yr. population change: -0.3%
> Population: 22,625
> Median household income: $128,494

This is How Much Home You Can Buy For 200K in Every State

13. Liberal, Kansas
> 1-yr. change in median home value: –2.8%
> Median home value; March 2021: $125,923
> 1-yr. population change: -2.6%
> Population: 19,731
> Median household income: $48,629

This is How Much Home You Can Buy For 200K in Every State

12. Jamestown, North Dakota
> 1-yr. change in median home value: –2.9%
> Median home value; March 2021: $171,650
> 1-yr. population change: -0.5%
> Population: 15,289
> Median household income: $51,789

This is How Much Home You Can Buy For 200K in Every State

Source: DenisTangneyJr / Getty Images

11. Midland, Texas
> 1-yr. change in median home value: –3.3%
> Median home value; March 2021: $259,098
> 1-yr. population change: +2.5%
> Population: 138,549
> Median household income: $79,329

This is How Much Home You Can Buy For 200K in Every State

10. Fort Leonard Wood, Missouri
> 1-yr. change in median home value: –4.3%
> Median home value; March 2021: $134,717
> 1-yr. population change: +0.9%
> Population: 16,026
> Median household income: $51,364

This is How Much Home You Can Buy For 200K in Every State

9. Clinton, Iowa
> 1-yr. change in median home value: –4.6%
> Median home value; March 2021: $89,884
> 1-yr. population change: -0.9%
> Population: 25,416
> Median household income: $44,094

This is How Much Home You Can Buy For 200K in Every State

Source: tab1962 / iStock

8. Sienna Plantation, Texas
> 1-yr. change in median home value: –5.2%
> Median home value; March 2021: $224,296
> 1-yr. population change: +14.7%
> Population: 19,486
> Median household income: $149,018

This is How Much Home You Can Buy For 200K in Every State

Source: Tiago_Fernandez / iStock Editorial via Getty Images

7. Sulphur, Louisiana
> 1-yr. change in median home value: –5.3%
> Median home value; March 2021: $176,824
> 1-yr. population change: -0.6%
> Population: 20,113
> Median household income: $53,287

This is How Much Home You Can Buy For 200K in Every State

Source: DenisTangneyJr / Getty Images

6. Laredo, Texas
> 1-yr. change in median home value: –6.0%
> Median home value; March 2021: $162,235
> 1-yr. population change: +0.6%
> Population: 259,151
> Median household income: $47,593

This is How Much Home You Can Buy For 200K in Every State

5. Warrensburg, Missouri
> 1-yr. change in median home value: –6.6%
> Median home value; March 2021: $188,124
> 1-yr. population change: +0.6%
> Population: 20,139
> Median household income: $46,315

This is How Much Home You Can Buy For 200K in Every State

Source: LPS.1 / Wikimedia Commons / Public Domain

4. East Palo Alto, California
> 1-yr. change in median home value: –7.1%
> Median home value; March 2021: $937,175
> 1-yr. population change: -0.1%
> Population: 29,593
> Median household income: $67,087

This is How Much Home You Can Buy For 200K in Every State

3. Longview, Texas
> 1-yr. change in median home value: –7.8%
> Median home value; March 2021: $165,770
> 1-yr. population change: -0.7%
> Population: 81,653
> Median household income: $49,086

This is How Much Home You Can Buy For 200K in Every State

Source: Photo by Mark Wilson / Getty Images

2. Prichard, Alabama
> 1-yr. change in median home value: –8.3%
> Median home value; March 2021: $33,098
> 1-yr. population change: -0.7%
> Population: 21,773
> Median household income: $29,009

This is How Much Home You Can Buy For 200K in Every State

Source: MattGush / iStock via Getty Images

1. Laguna Woods, California
> 1-yr. change in median home value: –10.2%
> Median home value; March 2021: $343,463
> 1-yr. population change: -1.1%
> Population: 16,053
> Median household income: $44,020

This is How Much Home You Can Buy For 200K in Every State

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