This Is the City Where Home Prices Are Falling Fastest

By Douglas A. McIntyre Published Mar 23, 8:10AM EDT

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This Is the City Where Home Prices Are Falling Fastest — © pasa / Flickr

In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back. Rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.

Between January 2020 and January 2021, the typical single-family American home appreciated in value from $246,563 to $269,039, a 9.1% increase. Of course, housing markets also respond to local forces, and in some parts of the country, home values have actually declined.

In 30 cities and towns with populations of 15,000 or more, home values have depreciated by at least 0.3% over the past year. In some of them, the value of a typical family home has plummeted by over 8.0%. Though these communities span the country, they tend to be concentrated in the southern United States.

One factor that can contribute to a rapid climb in home prices at a local level is demand. Demand for housing is often precipitated by a growing population. According to the most recently available Census Bureau data, 16 of the 30 cities and towns on this list reported population growth over the past year.
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Longview, Texas, is the city where home values have dropped the most. Texas Demographics reports:

Race & Ethnicity
The largest Longview racial/ethnic groups are White (54.0%) followed by Black (22.1%) and Hispanic (20.0%).

Median Income
In 2019, the median household income of Longview households was $49,086. Longview households made slightly more than Celeste households ($49,063), Elmendorf households ($49,063), Olney households ($49,079), and Pecan Gap households ($49,063). However, 14.0% of Longview families live in poverty.

Additional data on Longview:

> One-year change in median home value: −12.8% (−$22,956)
> Median home value in January 2021: $155,883
> One-year population change: −0.7% (−603)
> Population: 81,653
> Median household income: 49086

Click here to see the 30 U.S. cities where home values are falling fastest.
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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.