34 cities where home prices are expected to fall in 2024

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^{This article originally appeared on Business Insider.}

Many prospective home buyers are hoping that home prices will drop this year, and their hopes may come true.

Zillow predicts that home prices will decline in 34 of the 50 largest U.S. cities between November 2023 and November 2024. The forecast is based on Zillow’s home value index, which Zillow says represents “typical home values in the area.”

Home prices decline for a variety of reasons. While there is low supply in the market due to factors such as interest rates, the main problem in the US is demand, or a lack of willing buyers. This is starting to push prices down as sellers lower their asking prices to unload their homes.

Relatively high mortgage interest rates are turning away not only people who don’t have enough money to buy a home, but also people who don’t want to spend the high amounts of money required to buy a home these days. Homeowners who would normally put their homes on the market are reluctant to do so. If that happens, they will have to look for a new home, and they will be buyers in a tough environment where prices and interest rates are high.

Experts are divided on housing market predictions for 2024

Leading companies take into account various other predictions for the housing market in 2024.

Zillow predicts that home prices across the country will remain flat on average. Fannie Mae expects home prices to rise by the end of the year.

Fannie Mae also projects that mortgage rates will fall to 6.7% in 2024 and further fall to 6.2% in 2025. The drop in interest rates, while still relatively high compared to the less than 3% interest rates borrowers received around 2020, could prompt further interest rate increases. The buyer makes an offer. However, LendingTree expects sales to be weak as home prices remain relatively high.

A wide variety of people, from ordinary home buyers to large investors, track home prices with great interest. See his 34 cities in the US that Zillow says are likely to see a decline in home prices in 2024, listed from smallest to largest.

34. Buffalo, New York

^{Cheektowaga is a suburban area located in the inner ring suburb of Buffalo, New York. Getty Images via BI}

Expected decline rate: -0.2
Zillow home prices for November 2023: $246,677
Zillow’s projected home prices for November 2024: $246,184

33. Cincinnati, Ohio

^{Cincinnati, Ohio skyline. Getty Images via BI}

Expected decline rate: -0.2
Zillow home prices for November 2023: $269,669
Zillow’s projected home prices for November 2024: $269,130

32. Oklahoma City, Oklahoma

^{Oklahoma City, Oklahoma. Sean Pavone/Shutterstock (via BI)}

Expected decline rate: -0.3
Zillow home prices for November 2023: $225,977
Zillow’s projected home prices for November 2024: $225,299

31. Nashville, Tennessee

^{Nashville, nicknamed “Music City,” is known as the country music capital of the world.Michael Warren/Getty Images via BI}

Expected decline rate: -0.3
Zillow home prices for November 2023: $429,071
Zillow’s projected home prices for November 2024: $427,784

30. Richmond, Virginia

^{Richmond, Virginia.Sean Pavone/Shutterstock}

Expected decline rate: -0.4
Zillow home prices for November 2023: $349,661
Zillow’s projected home prices for November 2024: $348,262

29. Cleveland, Ohio

^{Yuanshuai Si/Getty Images via BI}

Expected rate of decline: -0.4
Zillow home prices for November 2023: $214,136
Zillow’s projected home prices for November 2024: $213,279

28. Kansas City, Missouri

^{Kansas City, Missouri. Mihai_Andritoiu/Shutterstock (via BI)}

Expected decline rate: -0.4
Zillow home prices for November 2023: $288,301
Zillow’s projected home prices for November 2024: $287,148

27. Riverside, California

^{Riverside, California Jon Bilous/Shutterstock (via BI)}

Expected decline rate: -0.4
Zillow home prices for November 2023: $555,039
Zillow’s projected home prices for November 2024: $552,819

26. Philadelphia, Pennsylvania

^{Philadelphia, Pennsylvania Joe Daniel Price/Getty Images via BI}

Expected decline rate: -0.7
Zillow home prices for November 2023: $344,731
Zillow’s projected home prices for November 2024: $342,318

25. Milwaukee, Wisconsin

^{Murat Tanner/Getty Images, via bI}

Expected decline rate: -0.8
Zillow home prices for November 2023: $324,778
Zillow’s projected home prices for November 2024: $322,180

24. Dallas, Texas

^{Dallas, Texas. f11photo/Shutterstock (via BI)}

Expected decline rate: -0.8
Zillow home prices for November 2023: $366,326
Zillow’s projected home prices for November 2024: $363,395

23. Virginia Beach, Virginia

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

Expected decline rate: -1.1
Zillow home prices for November 2023: $334,034
Zillow’s projected home prices for November 2024: $330,360

22. Detroit, Michigan

^{Detroit, Michigan skyline. Sean Pavone/Shutterstock (via BI)}

Expected decline rate: -1.1
Zillow home prices for November 2023: $238,284
Zillow’s projected home prices for November 2024: $235,663

21. Louisville, Kentucky

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