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

 

…CONTINUED

Metro: Detroit, Mich.

 

Median Home Value N/A
  Year-over-year Listing Price Change -12%

Detroit, Mich., skyline. Flickr/Bernt Rostad

 

…CONTINUED

 

Metro: Bakersfield, Calif.

 

Median Home Value $130,300
  Year-over-year Listing Price Change
-9.85%

Bakersfield, Calif. Flickr/jjandames

 

…CONTINUED

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

…CONTINUED

Metro: Madera, Calif.

 

Median Home Value $108,500
Year-over-year Change -9.82%

Downtown Madera, Calif. Flickr/gflinch

…CONTINUED

Metro: Ocala, Fla.

 

Median Home Value $77,300
  Year-over-year Listing Price Change -9.82%

An Ocala, Fla., farm. Flickr/Bruce Bouley

…CONTINUED

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

…CONTINUED

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

 

…CONTINUED

Metro: Lansing, Mich.

 

Median Home Value $56,600
  Year-over-year Listing Price Change -9.64%

Downtown Lansing, Mich. Flickr/Dextera Photography

…CONTINUED

Metro: Gainesville, Ga.

 

Median Home Value $124,500
  Year-over-year Listing Price Change -9.6%

Hall County Courthouse, Gainesville, Ga. Flickr/jimmywayne

Other stories:

Inman News reporter Paul Hagey compiled this report.

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