Editor’s note: This article is based on data compiled by Zillow, using the Zillow Home Value Index.

The top 10 U.S. metro areas with the greatest year-over-year median home-value declines, by percentage, from October 2010 to October 2011, were conspicuously clustered in two regions, according to data from online real estate site Zillow.

The 10 metro areas, clumped in the Southeast and the far West, declined an average of 13.4 percent, from No. 1 Gainesville, Fla.’s 17.2 percent drop to an 11.8 percent decline for No. 10 Reno, Nev.

The chart-topping Gainesville, Fla., metro area’s 17.2 percent decline settled the area’s median home value to $111,300 in that timespan.

Just 40 miles away, the Ocala, Fla., metro area, No. 7 on the top 10 list, showed a 12.7 percent decline in median home value, to $85,200. Nearby, Atlanta and Mobile, Ala., rounded out the Southeast metros on the list at No. 2 and No. 5, respectively.

The far West portion of the top 10 features six metros in a Pacific-leaning band that curves from No. 3 Medford, Ore., in the Northwest to No. 6 Tucson, Ariz., in the Southeast.

The Mobile, Ala., metro area, at No. 5, has the lowest median home value on the list at $78,200, and is counterbalanced by No. 9 Santa Barbara, Calif.’s highest median home value of $371,200. After Santa Barbara, Calif., the next highest median home value on the list takes a steep drop to No. 4 Chico, Calif., metro area’s $169,300.

U.S. metro areas clustered in the Southeast and in the far West experienced the greatest 2011 year-over-year declines in median home value, by percentage, according to Zillow data.

Metro: Gainesville, Fla.


Median Home Value $111,300
Year-over-year Change -17.2%

Gainesville, Fla.Alligator at Ben Hill Griffen Stadium, aka "The Swamp," in Gainesville, Fla. Flickr/jrgatormogo


Metro: Atlanta, Ga.

Median Home Value $109,700
Year-over-year Change -14.7%

AtlantaView of Buckhead, a district in downtown Atlanta. Flickr/Brokentaco



Metro: Medford, Ore.

Median Home Value $158,200
Year-over-year Change -14.2%

Medford, Ore.View of Medford, Ore. Flickr/as737700


Metro: Chico, Calif.

Median Home Value $169,300
Year-over-year Change -14.0%

Chico, Calif.Municipal Park in Chico, Calif. Image via Shutterstock.


Metro: Mobile, Ala.

Median Home Value $78,200
Year-over-year Change -12.8%

Mobile, Ala.Mobile, Ala., Bay. Image via Shutterstock.


Metro: Tucson, Ariz.

Median Home Value $130,500
Year-over-year Change -12.7%

Tucson, Ariz.Saguaro Cactus near Tucson, Ariz. Image via Shutterstock.



Metro: Ocala, Fla.

Median Home Value $85,200
Year-over-year Change -12.7%

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


Metro: Madera, Calif.

Median Home Value $123,600
Year-over-year Change -12.3%

Madera, Calif.Downtown Madera, Calif. Flickr/gflinch


Metro: Santa Barbara, Calif.

Median Home Value $371,200
Year-over-year Change -12%

Santa Barbara, Calif.Santa Barbara, Calif., mission. Flickr/Randy Pertiet


Metro: Reno, Nev.

Median Home Value $149,700
Year-over-year Change -11.8%

Reno, Nev.Reno, Nev., sign. Flickr/Zack Sheppard

Read other real estate market reports:

Inman News reporter Paul Hagey compiled this report.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription