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

Homes priced below $400,000 have become far less common in major U.S. cities, according to a Movoto analysis of active single-family listings. Across 228 cities compared with 2020, the median share of listings under that threshold fell from 72.6% to 28% by 2026, reflecting years of price gains and strong demand that accelerated during the COVID-19 pandemic. The decline has been particularly steep in California, where nine of 10 cities with no listings below $400,000 were located, while affordable inventory remains prevalent in parts of the Midwest, including several Michigan and Ohio cities where more than 94% of listings remain below the threshold.