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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.

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Metro: Flint, Mich.

Median Home Value N/A
  Year-over-year Listing Price Change -13.21%

Downtown Flint, Mich. Flickr/Michigan Municipal League

Learn more about markets featured in this article: Flint, MI, Detroit, MI, Bakersfield, CA, Lakeland, FL, Madera, CA, Ocala, FL, Macon, GA, Atlanta, GA, Lansing, MI, Gainesville, GA.