Michigan and the Southeast markets dominate the list
Editor's note: This list, based on data compiled by Zillow,
represents the top 10 metro areas ranked by steepest year-over-year
percentage drop in average listing price during 2011 compared to the
previous year. Median home values listed in the charts are based on the Zillow Home Value Index.
Metro
areas in Michigan and the Southeast experienced the most substantial
cuts in for-sale home prices listed on Zillow.com in 2011 compared to
2010. Flint, Mich., and Detroit topped the list at No. 1 and No. 2,
respectively, experiencing 13.21 percent and 12 percent price drops on
average home listing prices, respectively.
The rest of the top 10
spanned from No. 3 Bakersfield, Calif., with a 9.85 percent price drop
in listing price, to No. 10 Gainesville, Ga., at a 9.6 percent drop.
Following the most
recent housing market turmoil geographic trends, all of the top 10 metro areas were clustered in north-central Florida, Georgia, Michigan and California.
The
Interstate 75 corridor cuts through or near most of the markets on the
list, including: Lakeland, Fla.; Ocala, Fla.; Macon, Ga.; Atlanta; and
Gainesville, Ga., in the Southeast, and Detroit; Flint, Mich.; and
Lansing, Mich., in Michigan. Bakersfield, Calif., and Madera, Calif., in
Calfornia's Central Valley, are the exceptions.
Lansing, Mich.,
at No. 9, was the metro with the lowest average listing price in the top
10, at $56,600. No. 7 Macon, Ga., was not far behind with $57,000.
Bakersfield, Calif., at No. 3, had the highest average listing price at
$130,300, followed closely by Gainesville, Ga., at $124,500.
Metro: Flint, Mich.
| Median Home Value | N/A |
| Year-over-year Listing Price Change | -13.21% |
Downtown Flint, Mich. Flickr/Michigan Municipal League
Metro: Detroit, Mich.
| Median Home Value | N/A |
| Year-over-year Listing Price Change | -12% |
Detroit, Mich., skyline. Flickr/Bernt Rostad
Metro: Bakersfield, Calif.
| Median Home Value | $130,300 |
| Year-over-year Listing Price Change | -9.85% |
Bakersfield, Calif. Flickr/jjandames
Metro: Lakeland, Fla.
| Median Home Value | $94,900 |
| Year-over-year Listing Price Change | -9.85% |
Lake Mirror Promenade in Lakeland, Fla. Flickr/jared422_80
Metro: Madera, Calif.
| Median Home Value | $108,500 |
| Year-over-year Change | -9.82% |
Downtown Downtown Madera, Calif. Flickr/gflinch
Metro: Ocala, Fla.
| Median Home Value | $77,300 |
| Year-over-year Listing Price Change | -9.82% |
An Ocala, Fla., farm. Flickr/Bruce Bouley
Metro: Macon, Ga.
| Median Home Value | $57,000 |
| Year-over-year Listing Price Change | -9.74% |
U.S. Courthouse and Federal Building in Macon, Ga. Flickr/Ken Lund
Metro: Atlanta, Ga.
| Median Home Value | $114,100 |
| Year-over-year Listing Price Change | -9.7% |
View of Buckhead, a district in downtown Atlanta. Flickr/Brokentaco
Metro: Lansing, Mich.
| Median Home Value | $56,600 |
| Year-over-year Listing Price Change | -9.64% |
Downtown Lansing, Mich. Flickr/Dextera Photography
Metro: Gainesville, Ga.
| Median Home Value | $124,500 |
| Year-over-year Listing Price Change | -9.6% |
Hall County Courthouse, Gainesville, Ga. Flickr/jimmywayn
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