10 Cities Where Home Prices Are Falling Most in 2023   

In May 2023, the average home value in this city of 72,000 people was $1,264,563. This came after a huge drop of 15.37%, or $230,000, the year before.

Dublin, CA

It has about 815,000 people, making it the largest city in the top 10 of this study. Most homes lost 13.30% of their value, from $1,468,783 in 2022 to $1,273,463 this year.

San Francisco, CA

Palo Alto, CA

With only 66,666 people living there, Palo Alto has a pretty small population. But homes here are unusually pricey; in May 2023, they went for $3.16 million. Still, they went down by 12.82 percent year over year.

Fremont, CA

About 228,000 people live in Fremont. One of these homes now costs $203,000 less than it did last year. After going down 12.7%, it now averages $1,384,781.

Kirkland, WA

As of May 2023, the average price of a home in Kirkland was $1,088,159. The average value went down by 12.37%, or about $153,000, from the previous year.

Oakland, CA

About 434,000 people live in Oakland. In the past year, home prices dropped 12.22%, to $814,053. Not a single home in the top 10 cities is worth more than $1 million.

Pleasanton, CA

As of the summer of 2023, the average price of a home in Pleasanton was $1.55 million. This is less than the $1.76 million that it was in May 2022, a drop of 12.1%.

San Mateo, CA

About 102,000 people live in this San Francisco suburb. From May 2022 to May 2023, home prices fell 12%, from $1.71 million to $1.50 million.

Bellevue, WA

Bellevue is east of Seattle. Since May 2022, home prices there have dropped by 11.99%. It dropped from $1.46 million to $1.28 million in May 2023, in just one year.

Redmond, WA

Redmond is only eight miles east of Bellevue and is home to about 76,000 people. This area's homes have lost 11.60 percent of their value since 2022. After going down by $160,000, their average is now $1.22 million.

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