Top 10 Cities With Biggest Price Drops vs. Boston
Top 10 Cities with Largest Price Drops (And How Boston Compares)
In this video we are going to be talking about the top 10 cities in the U.S that has had the largest housing price drops then compare them to the city of Boston.
Hi, my name is Jeff Chubb and I am a recovering investment banker turned real estate agent that has sold more then a 1,000 houses and am one of the agents in the state of Massachusetts. If you have questions about the market, then throw them in the comment section below.
Quick note. This data comes from Zillow and is calculated off of the peak median sale price in 2022 versus the median sale price for December. How accurate you ask? Well it’s all about how you want to read the data. Take a look at this chart of the average sales price in Massachusetts. You will see that they hit peak pricing in June and then hit their low point in October then was up slightly in November and December. That means from peak to trough, home prices went down by 10%.... Oops, did I mention that is for 2021 when no one was talking about home price crashes. Here is the graph that shows the 2022 vs 2021 averages. This is what we would call a trend…
So here are the top 10 cities with the largest price drops… And then how it compares to the city of Boston. Take the data with a grain of salt! We will be going from bad to worst!
Number 10 is Evansville, Indiana. Homeowners in Evansville have seen prices drop by 10.2%. The median price was $181,450 in June and would fall to $162,967 in December.
Number 9 is Minneapolis, Minnesota with an 10.3% housing price drop. The median sales price in June was $326,967 and would fall to $293,333 in December of 2022.
Number 8 is Salt Lake City, Utah with a 11.1% drop in housing prices. The median sale price was $614,997 in June, but they wouldn’t peak out until August with the median sale price of $633,967. In December they would hit a median sale price...