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Data published in early Feb. revealed the top cities where housing prices are plummeting. Some of these may surprise you.
Did you know that median sales prices of homes across the entire U.S. dropped in December 2024? Business Insider revealed the median price fell to $402.502. While this doesn’t mean buying a home is any more affordable, there is something weird happening with the housing market.
“In December, home prices in Miami and Austin dropped by 9.9% and 7.7%, respectively, compared to the same period in 2023, according to the report. Those cities, along with Kansas City, Missouri, and Tampa, Florida, also saw lower prices in May and September of 2024 compared to a year earlier,” BI wrote in their analysis. (MORE: Mortgage Rates Hit Speedbump In 2025, Apparently)
Where Are Prices Dropping Most?
- San Francisco (-10.9%)
- Miami (-9.9%)
- Austin (-7.7%)
- Kansas City (-7.5%)
- Tampa (-6%)
- Jackson (-5.7%)
- Denver (-5.4%)
- Phoenix (-5.1%)
- Cincinnati (-4.8%)
Dave Ramsey doesn’t think the housing market will crash in 2025, but as credit card debt continues to climb, there are risks that the crisis could spillover into the broader market. As fewer people consider purchasing homes due to credit card debt, prices could continue to drop. Those in a lot of debt may also be forced into selling their properties. (POPULAR POLL: Do You Think Abraham Lincoln Was A Good President?)
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