The median price of existing home sales fell to $426,900 in June 2024, according to the National Association of Realtors . That’s $15,600 lower than May 2024’s median home sales price of $442,500 reported by Realtor.com. Cities that experience plummeting home prices consistently provide an opportunity for buyers to purchase homes at rock-bottom prices when the trend continues.
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Despite interest rates remaining at historic highs, many metropolitan areas are seeing significant price reductions, offering great deals for homebuyers year after year. These cities are predicted to become a total steal in the next two years.
Also read about various places where houses are suddenly major bargains .
Miami, FL
- YOY price drop: 11.2%
Home sales in Miami have fallen 11.2% year over year (YOY). This can be attributed to declining interest in single-family homes and a surge of condominiums and townhouses coming up in the housing market, according to Realtor.com.