Get All Access for $5/mo

Home Prices Are Forecast to Fall in These 34 Cities Experts are split on housing market forecasts for 2024.

By Alcynna Lloyd

Key Takeaways

  • There are 34 cities nationwide where Zillow forecasts home prices will fall in 2024.
  • Some of the places home prices may fall were pandemic home-buying hotspots in Texas and Tennessee.
  • Prices are expected to fall the most in San Jose, California, followed by New Orleans, Louisiana.
MarkHatfield | Getty Images via Business Insider
Homes in Seattle.

This article originally appeared on Business Insider.

Many potential homebuyers hope homes will get less expensive this year — and their wishes might come true.

Zillow predicts home prices will fall in 34 of the 50 largest US cities from November 2023 to November 2024. The forecast is based on Zillow's Home Value Index, which Zillow says represents the "typical home value for a region."

Home prices fall for a variety of reasons. While there is a low supply on the market due to factors like interest rates, the main issue in the US is a lack of demand — or willing buyers. This is starting to push prices down as sellers lower their asking prices to offload their homes.

Relatively high mortgage rates have sidelined people who don't have enough money to buy — as well as those who just don't want to spend the higher amounts required to purchase a home these days. For their part, homeowners who might ordinarily list their homes for sale are reluctant to do so — because they'd then have to find new ones, becoming buyers in a tough environment with high prices and higher rates.

Experts are split on housing market forecasts for 2024

Top firms have weighed in with various other predictions for the housing market in 2024.

Zillow forecasts that home prices nationwide will on average stay level. Fannie Mae expects home prices to rise by the end of the year.

Fannie Mae also predicts that mortgage rates will fall to 6.7% in 2024, and even lower to 6.2% in 2025. The lower rates — which are still relatively high compared to sub-3% rates borrowers got in and around 2020 — may encourage more buyers to make offers. However, LendingTree predicts that because home prices will still remain relatively high, sales will be sluggish.

People from regular homebuyers to big investors track home prices with great interest. Read on for the 34 US cities Zillow said are likely to see home-value declines in 2024, listed in order from least to most.

34. Buffalo, New York

Residental buildings in Buffalo, New York.

Cheektowaga is a suburban area located in an inner-ring suburb of Buffalo, New York. Getty Images via BI

  • Percent drop forecasted: -0.2

  • Zillow's home value in November 2023: $246,677

  • Zillow's projected home value for November 2024: $246,184

33. Cincinnati, Ohio

Skyline  Cincinnati Ohio

The skyline of Cincinnati, Ohio. Getty Images via BI

  • Percent drop forecasted: -0.2

  • Zillow's home value November in 2023: $269,669

  • Zillow's projected home value for November 2024: $269,130

32. Oklahoma City, Oklahoma

Oklahoma City, Oklahoma, downtown skyline in the late afternoon.

Oklahoma City, Oklahoma. Sean Pavone/Shutterstock via BI

  • Percent drop forecasted: -0.3

  • Zillow's home value in November 2023: $225,977

  • Zillow's projected home value for November 2024: $225,299

31. Nashville, Tennessee

Nashville, Tennessee

Nashville, nicknamed "Music City," is recognized as the country music capital of the world. Michael Warren/Getty Images via BI

  • Percent drop forecasted: -0.3

  • Zillow's home value in November 2023: $429,071

  • Zillow's projected home value for November 2024: $427,784

30. Richmond, Virginia

Richmond

Richmond, Virginia. Sean Pavone/shutterstock

  • Percent drop forecasted: -0.4

  • Zillow's home value in November 2023: $349,661

  • Zillow's projected home value for November 2024: $348,262

29. Cleveland, Ohio

Cleveland, Ohio

Yuanshuai Si/Getty Images via BI

  • Percent drop forecasted: -0.4

  • Zillow's home value in November 2023: $214,136

  • Zillow's projected home value for November 2024: $213,279

28. Kansas City, Missouri

Aerial view of Kansas City skyline at dusk, viewed from Penn Valley Park.

Kansas City, Missouri. Mihai_Andritoiu/Shutterstock via BI

  • Percent drop forecasted: -0.4

  • Zillow's home value in November 2023: $288,301

  • Zillow's projected home value for November 2024: $287,148

27. Riverside, California

Riverside California

Riverside, California Jon Bilous/Shutterstock via BI

  • Percent drop forecasted: -0.4

  • Zillow's home value in November 2023: $555,039

  • Zillow's projected home value for November 2024: $552,819

26. Philadelphia, Pennsylvania

Philadelphia, Pennsylvania

Philadelphia, Pennsylvania joe daniel price/Getty Images via BI

  • Percent drop forecasted: -0.7

  • Zillow's home value in November 2023: $344,731

  • Zillow's projected home value for November 2024: $342,318

25. Milwaukee, Wisconsin

Milwaukee, Wisconsin

Murat Taner/Getty Images via bI

  • Percent drop forecasted: -0.8

  • Zillow's home value in November 2023: $324,778

  • Zillow's projected home value for November 2024: $322,180

24. Dallas, Texas

Dallas, Texas cityscape with blue sky at sunset, Texas

Dallas, Texas. f11photo/Shutterstock via BI

  • Percent drop forecasted: -0.8

  • Zillow's home value in November 2023: $366,326

  • Zillow's projected home value for November 2024: $363,395

23. Virginia Beach, Virginia

Aerial view of the Virginia Beach oceanfront.

Aerial view of the Virginia Beach oceanfront. Kyle J Little/Shutterstock via BI

  • Percent drop forecasted: -1.1

  • Zillow's home value in November 2023: $334,034

  • Zillow's projected home value for November 2024: $330,360

22. Detroit, Michigan

Detroit, Michigan downtown skyline

Detroit, Michigan skyline. Sean Pavone/Shutterstock via BI

  • Percent drop forecasted: -1.1

  • Zillow's home value in November 2023: $238,284

  • Zillow's projected home value for November 2024: $235,663

21. Louisville, Kentucky

Downtown Louisville, Kentucky.

Home to the annual horse racing tournament the Kentucky Derby, Louisville is located along the Ohio River and is one of the Midwest's largest cities. Getty Images via BI

  • Percent drop forecasted: -1.3

  • Zillow's home value in November 2023: $245,237

  • Zillow's projected home value for November 2024: $242,049

20. Las Vegas, Nevada

Las Vegas, Nevada.

Las Vegas, Nevada. Sean Pavone/Shutterstock via BI

  • Percent drop forecasted: -1.3

  • Zillow's home value November in 2023: $405,754

  • Zillow's projected home value for November 2024: $400,479

19. Boston, Massachusetts

Boston, Massachusetts skyline at dusk.

Boston, Massachusetts skyline at dusk. Sean Pavone/Shutterstock via BI

  • Percent drop forecasted: -1.3

  • Zillow's home value in November 2023: $652,944

  • Zillow's projected home value for November 2024: $644,456

18. St. Louis, Missouri

St Louis, Missouri

St. Louis, Missouri. joe daniel price/Getty Images via BI

  • Percent drop forecasted: -1.4

  • Zillow's home value in November 2023: $239,310

  • Zillow's projected home value for November 2024: $235,960

17. Seattle, Washington

Seattle, Washington downtown skyline.

Seattle, Washington downtown skyline. Sean Pavone/Shutterstock via BI

  • Percent drop forecasted: -1.6

  • Zillow's home value in November 2023: $698,864

  • Zillow's projected home value for November 2024: $687,682

16. Denver, Colorado

Denver, Colorado.

Denver, Colorado. f11photo/Shutterstock via BI

  • Percent drop forecasted: -1.8

  • Zillow's home value in November 2023: $566,690

  • Zillow's projected home value for November 2024: $556,490

15. Houston, Texas

The skyline of Houston, Texas, at sunset.

The skyline of Houston, Texas, at sunset. Art Wager/Getty Images via BI

  • Percent drop forecasted: -2

  • Zillow's home value in November 2023: $300,667

  • Zillow's projected home value for November 2024: $294,654

14. Austin, Texas

An aerial view of Austin, Texas.

Austin, Texas Brandon Bell via BI

  • Percent drop forecasted: -2.1

  • Median price in November 2023: $455,424

  • Median price projected for November 2024: $445,866

13. Pittsburgh, Pennsylvania

Pittsburgh, Pennsylvania.

Pittsburgh, Pennsylvania. Sean Pavone/Shutterstock via BI

  • Percent drop forecasted: -2.1

  • Zillow's home value in November 2023: $203,260

  • Zillow's projected home value for November 2024: $198,992

12. San Antonio, Texas

San Antonio Texas

f11photo/Shutterstock via BI

  • Percent drop forecasted: -2.1

  • Zillow's home value in November 2023: $284,292

  • Zillow's projected home value for November 2024: $278,322

11. Chicago, Illinois

Navy Pier in Chicago, Illinois

Bob Krist/Getty Images via BI

  • Percent drop forecasted: -2.2

  • Zillow's home value in November 2023: $303,291

  • Zillow's projected home value for November 2024: $296,619

10. Los Angeles, California

Overview of Los Angeles, California.

Los Angeles, California. Neal Pritchard Photography via BI

  • Percent drop forecasted: -2.2

  • Zillow's home value in November 2023: $903,521

  • Zillow's projected home value for November 2024: $883,644

9. Sacramento, California

Sacramento, California.

Sacramento, California. Merge Digital Media LLC/Shutterstock via BI

  • Percent drop forecasted: -2.4

  • Zillow's home value in November 2023: $559,123

  • Zillow's projected home value for November 2024: $545,704

8. Portland, Oregon

Portland Oregon skyline city

Portland, Oregon, has grown its licensed cannabis industry since recreational marijuana was legalized in 2015. Shutterstock/Sean Pavone via BI

  • Percent drop forecasted: -2.5

  • Zillow's home value in November 2023: $531,528

  • Zillow's projected home value for November 2024: $518,240

7. Washington, District of Columbia

Washington, DC

Washington, DC, cityscape with Washington Monument and Jefferson Memorial. ESB Professional/Shutterstock via BI

  • Percent drop forecasted: -2.6

  • Zillow's home value in November 2023: $540,101

  • Zillow's projected home value for November 2024: $526,058

6. Baltimore, Maryland

Baltimore, Maryland, downtown cityscape at dusk.

Baltimore, Maryland. Sean Pavone/Shutterstock via BI

  • Percent drop forecasted: -2.9

  • Zillow's home value in November 2023: $370,023

  • Zillow's projected home value for November 2024: $359,292

5. New York, New York

New York

Alexander Spatari/Getty Images via BI

  • Percent drop forecasted: -2.9

  • Zillow's home value in November 2023: $624,788

  • Zillow's projected home value for November 2024: $606,669

4. Minneapolis, Minnesota

Minneapolis, Minnesota

Claire Gentile/Getty Images via BI

  • Percent drop forecasted: -3

  • Zillow's home value in November 2023: $362,971

  • Zillow's projected home value for November 2024: $352,083

3. San Francisco, California

San Francisco, California

Alexander Spatari/Getty Images via BI

  • Percent drop forecasted: -4.8

  • Zillow's home value in November 2023: $1,108,117

  • Zillow's projected home value for November 2024: $1,054,927

2. New Orleans, Louisiana

New Orleans french quarter

French Quarter in New Orleans, Louisiana. Getty Images via BI

  • Percent drop forecasted: -6

  • Zillow's home value in November 2023: $235,716

  • Zillow's projected home value for November 2024: $221,573

1. San Jose, California

San Jose, California

Walter Bibikow/Getty Images via BI

  • Percent drop forecasted: -6.1

  • Zillow's home value in November 2023: $1,460,533

  • Zillow's projected home value for November 2024: $1,317,440

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Living

Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Marketing

SEO Trends You Need to Be Aware of Right Now, According to a Seasoned Pro

Navigate the future of search engine optimization to elevate your online presence and drive meaningful engagement.