{"id":4829,"date":"2024-03-12T20:07:38","date_gmt":"2024-03-12T20:07:38","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/03\/12\/deal-alert-the-top-10-major-cities-where-home-sellers-are-slashing-prices-like-crazy\/"},"modified":"2024-03-12T20:07:38","modified_gmt":"2024-03-12T20:07:38","slug":"deal-alert-the-top-10-major-cities-where-home-sellers-are-slashing-prices-like-crazy","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/03\/12\/deal-alert-the-top-10-major-cities-where-home-sellers-are-slashing-prices-like-crazy\/","title":{"rendered":"Deal Alert! The Top 10 Major Cities Where Home Sellers Are Slashing Prices Like Crazy"},"content":{"rendered":"

<\/a><\/p>\n

Realtor.com \/ Getty Images<\/p>\n

<\/p>\n

The aspiration of home sellers hoping to fetch sky-high prices finally appears to be coming back down to earth.<\/p>\n

A recent report by Realtor.com\u00ae<\/a> found that the share of home sellers slashing their prices has increased in February to the highest levels seen since 2019.<\/p>\n

\u201cThe percentage of homes with price reductions increased from 13.2% in February of last year to 14.6% this year,\u201d notes Realtor.com\u00a0economic data manager\u00a0Sabrina Speianu<\/strong> in her analysis. \u201cThis is the first time the share of price reductions has increased over the previous year since May of last year.\u201d<\/p>\n

This is welcome news to homebuyers, who stand to face a formidable housing market this spring. Nationwide, median home prices hover at $415,500<\/a>, while mortgage rates<\/a> are at 6.88%.<\/p>\n

\u201cPrice reduced\u201d listings are not only on the rise, but they are also occurring in relatively large metropolitan areas rather than uninhabited corners of the U.S. Out of the country\u2019s 50 largest metros, more than half (29) saw the share of price reductions increase year over year in February\u2014a significant increase over just eight metros in January.<\/p>\n

Why price reductions matter<\/h2>\n

A growing number of listings with reduced prices suggests sellers are reacting to market dynamics, and adjusting prices to attract buyers if they initially priced too high.<\/p>\n

\u201cHigher price reductions typically mean inventory is building and\/or prices have gotten higher than buyers are willing to engage with,\u201d explains Realtor.com senior economic research analyst Hannah Jones<\/strong>. \u201cAs a result, time on market increases and sellers start cutting prices to attract attention.\u201d<\/p>\n

Although home prices are still elevated, data indicates that buyers might find some leeway for negotiation when making offers, though this varies depending on the market.<\/p>\n

So, when a buyer spots a home in a city with notable increases in price reductions, it can provide avenues for substantial savings.<\/p>\n

Where to find homes with price reductions<\/h2>\n

Although the number of homes with price reductions will vary greatly by area, Southern markets saw the biggest increases in February, up by 1.2 percentage points compared with last year. The Midwest also saw a bump in price reductions of 0.5 percentage points.<\/p>\n

This trend coincides with slower list price growth in the same areas, which means buyers are in the driver\u2019s seat when it comes to negotiating.<\/p>\n

Portland, OR,<\/a> saw the greatest increase (+8.8 percentage points), followed by Miami<\/a> (+4.9 percentage points), and Tampa, FL<\/a> (+4.0 percentage points).<\/p>\n

Ready to save some bucks as you navigate the spring housing market? Here are the top 10 metros where the share of home sellers slashing their asking price was up the most in February compared with last year.<\/p>\n

1. Portland, OR<\/a><\/h2>\n

Metro median list price: $600,000<\/strong>
\nIncrease in share of listings with a price reduction: +8.8%<\/strong>
\nHome for sale:\u00a016527 NW Sheltered Nook Rd<\/a><\/strong>
\nPrice: $975,000 (reduced by $25,000)<\/strong><\/p>\n

A price-reduced home for sale in Portland, OR<\/p>\n

Realtor.com<\/p>\n

2. Miami, FL<\/a><\/strong><\/h2>\n

Metro median list price: $550,000<\/strong>
\nIncrease in share of listings with a price reduction: +5%<\/strong>
\nHome for sale: 10294 SW 33rd St<\/a><\/strong>
\nPrice: $799,000 (reduced by $31,000)<\/strong><\/p>\n

<\/a>A price-reduced home for sale in Miami, FL<\/p>\n

Realtor.com<\/p>\n

3. Tampa, FL<\/a><\/strong><\/h2>\n

Metro median list price: $416,000<\/strong>
\nIncrease in share of listings with a price reduction: +4%<\/strong>
\nHome for sale: 13087 Stillmont Pl<\/a><\/strong>
\nPrice: $405,990 (reduced by $3,000)
\n<\/strong><\/p>\n

<\/a>A price-reduced townhouse for sale in Tampa, FL<\/p>\n

Realtor.com<\/p>\n

4. <\/strong>Columbus, OH<\/a><\/strong><\/h2>\n

Metro median list price: $377,000<\/strong>
\nIncrease in share of listings with a price reduction: +3.4%<\/strong>
\nHome for sale: 6754 McVey Blvd<\/a><\/strong>
\nPrice: $429,900 (reduced by $20,000)
\n<\/strong><\/p>\n

<\/a>A price-reduced home for sale in Columbus, OH<\/p>\n

Realtor.com<\/p>\n

5. <\/strong>Oklahoma City, OK<\/a><\/strong><\/h2>\n

Metro median list price: $323,000<\/strong>
\nIncrease in share of listings with a price reduction: +3.1%<\/strong>
\nHome for sale: 1018 NW 35th St<\/a><\/strong>
\nPrice: $399,900 (reduced by $10,000)
\n<\/strong><\/p>\n

<\/a>A price-reduced home for sale in Oklahoma City, OK<\/p>\n

Realtor.com<\/p>\n

6.\u00a0Memphis, TN<\/a><\/strong><\/h2>\n

Metro median list price: $325,000<\/strong>
\nIncrease in share of listings with a price reduction: +3%<\/strong>
\nHome for sale: 839 N Watkins St<\/a><\/strong>
\nPrice: $245,000 (reduced by $5,000)
\n<\/strong><\/p>\n

<\/a>A price-reduced home for sale in Memphis, TN<\/p>\n

Realtor.com<\/p>\n

7. Orlando, FL<\/a><\/h2>\n

Metro median list price: $435,000<\/strong>
\nIncrease in share of listings with a price reduction: +3%<\/strong>
\nHome for sale: 5304 Penway Dr<\/a><\/strong>
\nPrice: $749,900 (reduced by $15,000)
\n<\/strong><\/p>\n

<\/a>A price-reduced home for sale in Orlando, FL<\/p>\n

Realtor.com<\/p>\n

8. San Antonio, TX<\/a><\/h2>\n

Metro median list price: $335,000<\/strong>
\nIncrease in share of listings with a price reduction: +2.9%<\/strong>
\nHome for sale: 10126 Mitra Way<\/a><\/strong>
\nPrice: $449,900 (reduced by $3,000)
\n<\/strong><\/p>\n

<\/a>A price-reduced home for sale in San Antonio, TX<\/p>\n

Realtor.com<\/p>\n

9.\u00a0Dallas, TX<\/a><\/strong><\/h2>\n

Metro median list price: $435,000<\/strong>
\nIncrease in share of listings with a price reduction: +2.8%<\/strong>
\nHome for sale: 7515 Edgeware Rd<\/a><\/strong>
\nPrice: $455,000 (reduced by $10,000)
\n<\/strong><\/p>\n

<\/a>A price-reduced, new-construction home for sale in Dallas, TX<\/p>\n

Realtor.com<\/p>\n

10. Virginia Beach, VA<\/a><\/strong><\/h2>\n

Metro median list price: $385,000<\/strong>
\nIncrease in share of listings with a price reduction: +2.8%<\/strong>
\nHome for sale: 960 Old Cutler Rd<\/a><\/strong>
\nPrice: $599,999 (reduced by $15,000)
\n<\/strong><\/p>\n

<\/a>A price-reduced home for sale in Virginia Beach, VA<\/p>\n

Realtor.com<\/p>\n

The post Deal Alert! The Top 10 Major Cities Where Home Sellers Are Slashing Prices Like Crazy<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Realtor.com \/ Getty Images The aspiration of home sellers hoping to fetch sky-high prices finally appears to be coming back down to earth. A recent report by Realtor.com\u00ae found that the share of home sellers slashing their prices has increased in February to the highest levels seen since 2019. \u201cThe percentage of homes with price…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=4829"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4830"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4829"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}