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

On a national average, home prices remained relatively stable from September to October, with the median home price in October rising to $424,950 compared to $425,000 in September, a savings of just $50. But when breaking down home prices for each of the 50 largest metro areas, most markets saw a larger decline in October.

Median home prices fell in 42 of 50 metros and remained virtually flat in six others. Among those where prices were relaxed, 11 metropolises saw their prices fall by at least 2% in October. Greater Cleveland saw the largest drop in prices, down 4.7% from September, with the Tampa metro area ranking second with a 3.6% cost reduction.

Only two of the 50 largest metros saw prices increase month-over-month in October, and both were centered in Virginia. Greater Virginia Beach saw the median home price increase by 0.8%, while homes in the Richmond area increased modestly by 0.2%.

Home price changes for the 50 largest metros

To see how your metro area fared in October, you can look up your location in the table below. You can also sort on any column to see, for example, the most expensive metros or housing prices grouped by a certain region of the country.

Despite the drop in real estate prices in October, monthly mortgage payments continue to increase

Unfortunately for homebuyers, October’s overall mortgage news isn’t particularly rosy. Even though the median home price fell or remained stable last month in all but two of the 50 largest metro areas, mortgage costs still rose. This is because the mortgage prices climbed in October. According to Zillow Mortgage API data, the average rate for new 30-year mortgages in October was 6.59% compared to 6.11% in September, an increase of almost half a percentage point.

On a national average, this increased the monthly payment on a new 30-year mortgage, assuming a 20% down payment, by $107 per month.

How we track mortgage rates

The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (meaning a down payment of at least 20%) and an applicant credit score between 680 and 739. The resulting rates represent what borrowers should expect when applying for They receive quotes from lenders based on their qualifications, which may differ from the advertised rates. © Zillow, Inc., 2024. Use subject to Zillow Terms of Service.