More than a decade has passed since the U.S. housing bubble burst and the 2008 financial crisis began.
Home prices in major cities across the country lost about a third of their value during the recession but national prices have since recovered and even surpassed pre-crisis levels. And though home prices are now close to their highest levels of all time, the recovery has been largely uneven. While prices in the vast majority of housing markets are growing, in a handful, prices have actually declined in the past year.
Based on median single-family home price changes over the year through the second quarter of 2019 from the National Association of Realtors, 24/7 Wall St. reviewed the fastest shrinking housing markets. Single-family home price data for the 180 metropolitan areas reviewed came from the National Association of Realtors. Income data came from the U.S. Census Bureau’s American Community Survey.
The decline in home prices in these markets, in some cases, represents part of a longer-term trend of low-demand for housing in a market that continues to struggle due to a weak economy. This is the case for places like Peoria, Ill., and Binghamton, New York, where the typical home costs over $100,000 less than the national median of $279,000. Economic struggles may not only affect residents' ability to afford housing, but may also push some away, leading to even lower housing demand. Some cities on this list are among America’s fastest shrinking cities.
16. Fargo, N.D.-Minn.
15. Bridgeport-Stamford-Norwalk, Conn.
14. Rockford, Ill.
13. Panama City, Fla.
12. Topeka, Kan.
11. Boulder, Colo.
10. Champaign-Urbana, Ill.
9. Urban Honolulu, Hawaii
8. Oklahoma City, Okla.
7. San Francisco-Oakland-Hayward, Calif.
6. Naples-Immokalee-Marco Island, Fla.
5. Oshkosh-Neenah, Wis.
4. Binghamton, N.Y.
3. Peoria, Ill.
2. San Jose-Sunnyvale-Santa Clara, Calif.
1. Bismarck, N.D.
To see all the stats, visit USA Today.
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