Chicago Real Estate

Chicago Ranks on List of Top 10 Metro Areas Where Home Prices Are Down The Most

NBCUniversal Media, LLC

In the last few years, as a result of the coronavirus pandemic mortgage rates fell and home prices across the country went up, creating a red hot, competitive real estate market in many cities.

Now, mortgage rates have risen to the highest they've been in a decade. But in many markets, home prices still haven't budged and many would-be buyers are priced out.

"You really have to assess if this is the right time for you to buy or move into a new home and get a mortgage," said Sharon Opperson, CNBC Senior Personal Finance Correspondent.

A new report around home buying though, shows that in some metro areas, including Chicago, prices are falling -- and now may in fact be the right time.

According to a recent study from Realtor.com, Chicago ranks on a top 10 list of metro areas where home prices are down the most compared to this time last year.

"An overabundance of condo buildings downtown is one factor dragging down prices in the metro area," the report says. "There are at least 6,000 units on the market right now."

According to the report, Chicago has a median list price of $399,000, down 3.7% over the previous year. That's the second highest median list price on the report -- the highest median list price belongs to Los Angeles, at $985,000.

The metro area where home prices that saw prices go down the most, according to the report, was in Toledo, Ohio.

On the list of 10, with 1 being the metro area where home prices had fallen the most drastically, Chicago ranked 9th.

Here's the full list:

Number 1: Toledo, Ohio

  • Median listing price: $115,000
  • Median listing price change: -18.7%

Number 2: Rochester, NY

  • Median listing price: $149,900
  • Median listing price change: -17.0%

Number 3: Detroit, MI

  • Median listing price: $75,000
  • Median listing price change: -15.4%

Number 4: Pittsburgh, PA

Median listing price: $230,000
Median listing price change: -13.7%

Number 5: Springfield, MA

  • Median listing price: $239,900
  • Median listing price change: -5.8%

Number 6: Tulsa, OK

  • Median listing price: $220,000
  • Median listing price change: -5.0%

Number 7: Los Angeles

  • Median listing price: $985,000
  • Median listing price change: -5.0%

Number 8: Memphis, TN

  • Median listing price: $173,500
  • Median listing price change: -4.6%

Number 9: Chicago, IL

  • Median listing price: $399,000
  • Median listing price change: -3.7%

Number 10: Richmond, VA

  • Median listing price: $310,000
  • Median listing price change: -3.4%

Realtor.com says it looked at the year-over-year median list prices in the 100 largest metros (limiting to just one metro area per state) in March to determine the ranking.

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