Property prices PLUNGE by up to 20% in parts of US as buyers shun the market amid Bidenflation and spiking interest rates.

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Asking prices have plummeted by up to $400,000 in wealthy areas while poorer ones saw falls of $115,000

The round-up revealed the top ten cities across the country where the median price for homes have dropped

Toledo in Ohio topped the list with an 18.7 per cent fall, while Richmond in Virginia was tenth with 3.4 per cent
Meanwhile a separate report found one in 20 sellers dropped the asking price for their home in April and May

Despite the apparent trend, New York was one city heading in the other direction as real estate prices spiked

Property prices have fallen by up to 20 per cent across parts of the US as buyers shun the market amid 'Bidenflation' and spiking interest rates.

Asking prices have plummeted by up to $400,000 in wealthy areas while poorer neighborhoods have seen house values nosedive by as much as $115,000.

The round-up, outlined in a new report by Realtor.com, revealed the top ten cities across the country where the median price has dropped.

Toledo in Ohio topped the list where the median amount plummeted by 18.7 per cent while Richmond in Virginia rounded out the top ten with a 3.4 per cent fall.

Meanwhile a separate report, compiled by Redfin, found a staggering one in 20 sellers have dropped the asking price for their home in April and May.

Despite the apparent trend, New York was among cities heading in the other direction as real estate in the Empire State continued to increase in value after the pandemic.

The changes come as buyers and sellers get itchy feet amid an uncertain property market and struggling economy under the Biden administration.

The Federal Reserve sparked more fears this week as it emerged it was opening the door to a larger-than-expected three-quarter-percentage point interest rate increase to deal with rocketing inflation.

Inflation has been adding to a spiraling cost of living crisis as groceries, household items and fuel prices spike - with the latter hitting historic highs of $5 on average this week.

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