Home prices fell in almost 85% of the largest metropolitan areas. Is yours one of them?

Key Findings

Median home prices fell in 42 of the 50 largest U.S. metropolitan areas this October compared to September, according to Realtor.com.
The Cleveland and Tampa areas saw the largest price declines in October. Of the 11 largest declines, most occurred in the Midwest and Northeast.
Only two markets—both in Virginia—recorded increases in average home prices in October.
Although prices in these metros have generally declined, The average monthly mortgage payment has increased due to higher mortgage rates in October. average 30 year rate increased by almost half a percent, increasing the average payment by $107 per month.

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Homes in the Midwest and Northeast saw their biggest October price drops

Nationally, home prices were relatively stable from September to October, with the average home price for October being $424,950, up from $425,000 in September, a savings of just $50. But when you break down home prices for each of the 50 largest metro areas, most markets saw larger declines in October.

Average home prices fell in 42 of the 50 metropolitan areas and remained virtually stable in another six. Among those that cut prices, 11 metros saw prices fall by at least 2% in October. The largest price decline occurred in Greater Cleveland, down 4.7% from September, and the Tampa metropolitan area came in second with a 3.6% decrease in costs.

Only two of the 50 largest metros saw price increases in October compared to the previous month, and both were concentrated in Virginia. In Greater Virginia Beach, the median home price rose 0.8%, while homes in the Richmond area rose a modest 0.2%.

Home price changes in all 50 largest metros

To find out how your metro area is doing in October, you can find your location in the table below. You can also sort by any column to see, for example, the most expensive metros or house prices grouped by a specific region of the country.

Despite home prices falling in October, monthly mortgage payments are still up

Unfortunately for homebuyers, overall October mortgage news isn’t particularly encouraging. While median home prices fell or remained stable last month in all but two of the 50 largest metro areas, mortgage costs still rose. It’s because there’s a mortgage rates rose in October. According to Zillow Mortgage API, the average 30-year rate on a new mortgage was 6.59% in October, up from 6.11% in September—an increase of nearly half a percentage point.

The national average increased the monthly payment on a new 30-year mortgage with a 20% down payment by $107 per month.

How does the monthly payment vary in your area?

Of course, home rates and prices vary by state and metropolitan area. To find out what the average October mortgage rate and monthly payment is near you, visit our calculations for all 50 largest metrospublished last week.

How we track mortgage rates

The national and state averages above are provided unchanged through the Zillow Mortgage API, provided that loan to value (LTV) ratio 80% (i.e. a down payment of at least 20%) and the applicant’s credit score in the range of 680–739. The rates received represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may differ from advertised rates. © 2024 Zillow, Inc. Use subject to Zillow’s Terms of Use.