While nationally, the median list price has been on the rise the last year, increasing 5 percent year-over-year to $188,000, according to December 2011 housing data published by Realtor.com.
But home prices the past year haven’t been rising everywhere. For example, Detroit continues to face a plague of foreclosures that are bringing home values down in the area. The metro area had the biggest drop in median list prices the past year.
The following are the cities with the biggest drops in median list prices year-over-year, based on December 2011 housing data of 146 metro markets tracked by Realtor.com.
1. Detroit: -11.01%
Median list price: $80,000
Median list price: $80,000
2. Chicago: -10%
Median list price: $189,000
3. Las Vegas: -7.62%
Median list price: $120,000
Median list price: $120,000
4. Sacramento, Calif.: -6.98%
Median list price: $199,900
Median list price: $199,900
5. Los Angeles-Long Beach, Calif.: -6.37%
Median list price: $324,900
Median list price: $324,900
6. Atlanta, Ga.: -6.25%
Median list price: $150,000
Median list price: $150,000
7. Orange County, Calif.: -5.53%
Median list price: $425,000
Median list price: $425,000
8. San Francisco, Calif.: -4.92%
Median list price: $599,000
Median list price: $599,000
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News
