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America's bargain properties! Inside the 15 neighborhoods where average house prices are falling
Soaring house prices and high mortgage rates may have put many Americans' homebuying dreams on ice. But a treasure trove of bargain hotspots is popping up across the country.
A new report by the National Association of Realtors (NAR) found 15 cities where home values have fallen outright this year.
Among them are neighborhoods in New York, Texas and Florida.
These areas are at-odds with a nationwide trend which has seen the median price of a single-family home rise 5 percent year-on-year to a median of $389,400.
At the same time, mortgage rates have surpassed 7 percent - meaning buyers face paying more than $900 a month on a standard home than if they had bought two years ago.
Elmira in New York saw the highest drop of any US neighborhood, with properties falling to $135,800 in the first three months of 2024. Pictured: Elmira
The city is surrounded by rolling hills and rivers and boasts a population of 26,700 people. Pictured: the Christmas House shop in a Queen Anne Victorian home in Elmira
According to the NAR, prospective newcomers to the area would need to earn $34,424 to qualify for a mortgage with a 20 percent downpayment. Pictured: a three-bedroom home for sale in Elmira for $95,900
The area, which was once famously home to author Mark Twain, sits in Chemung County and is most famous for its rich culture, art and historical sites. Pictured: Twain's octagonal study built on the grounds of Quarry Farm in Elmira
NAR chief economist Lawrence Yun said: 'Astonishingly, greater than 90 percent of the country's metro areas experienced home price growth despite facing the highest mortgage rates in two decades.
'In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand.'
But 15 cities did see their prices fall in the first quarter of the year compared to the same period in 2023, the NAR said.
Elmira in New York saw the highest drop of any US neighborhood, with properties falling to $135,800 in the first three months of 2024. It marked a drop of 15.1 percent from $160,000 last year.
Elmira was followed by San Antonio, TX (pictured) which saw its home values decline 4.6 percent in the last year
South Bend, IN (pictured) also made the list, with the median house price falling 1.6 percent to $180,000
A three-bedroom, one bathroom property in South Bend is currently available on Redfin for $159,900
The area, which was once famously home to author Mark Twain, sits in Chemung County and is most famous for its rich culture, art and historical sites.
The city is surrounded by rolling hills and rivers and boasts a population of 26,700 people.
According to the NAR, prospective newcomers to the area would need to earn $34,424 to qualify for a mortgage with a 20 percent downpayment.
Elmira was followed by San Antonio, TX, which saw its home values decline 4.6 percent in the last year.
The drop is likely an overdue price correction after San Antonio became one of the hottest housing markets to emerge from the pandemic.
White collar employees moved to the area in their droves after the shift to remote working unshackled them from their San Francisco and New York offices.
The median house price in San Antonio fell to $305,800 in the first three months of 2024, from $320,500 in the same period last year.
In Shreveport, LA (pictured) house prices have fallen 0.9 percent since last year, the data shows
A 2,589-foot property in Shreveport is currently listed on Redfin for $250,000
The median price of homes in Peoria, IL (pictured) is now $127,200
It means a buyer would now need an income of $77,516 to qualify for a home with a 20 percent downpayment.
Meanwhile three neighborhoods in Florida made the list. Cape Coral saw its median house price fall by 4.4 percent from $415,000 from $434,000 in the same period the year prior.
Crestview and Panama City also saw similar drops. Other neighborhoods included: Boulder, CO, Salem, OR, South Bend, IN, Logan, UT, Baton Rouge, LA, Peoria, IL, Shreveport, LA, Myrtle Beach, SC, Austin, TX, and Little Rock, AK.