Report finds sub-$400,000 homes far rarer in major U.S. cities

The median share of single-family listings under $400,000 fell from 72.6% in 2020 to 28% in 2026 across 228 U.S. cities in a Movoto analysis. Ten major cities had none in May 2026—nine in California, plus Coral Springs, Florida. Hesperia, California dropped from 89.5% to 7%. Victorville fell from 96.2% to under one in five. Warren, Michigan still has nearly all listings under $400,000; Detroit is at 96.4%. In Spokane, Kim Hagel-Barkley of The Barkley Group said sellers still expect the old rush. "Sellers are still thinking that it's going to be the same market that we had three or four years ago, where you put your house on the market on a Friday, get 15 offers, and sell it by Sunday," she said. "That's not the market we're in right now." Homes in great condition and priced right sell in about a week; others linger and sell for less. She said seller-paid closing costs are now standard and rates are "making it harder for first-time buyers to qualify." Only one right-rated outlet covered the story; no left- or center-rated headlines were in the record. Movoto noted buyers moving inland in Southern California and from Los Angeles and San Francisco to Phoenix and Las Vegas during the pandemic.