Home prices have soared to record heights, with some of the fastest rates of price growth on record. In fact, the share of homes experiencing a price cut reached a low of 6.5% in February 2021. However, that figure began…
Another encouraging sign is the share of homes for sale that have seen their prices cut. When the market was at its most competitive, it was common for many homes to sell well above their asking price and few homes to see their price reduced. According to data from
, the share of homes experiencing a price cut reached a low of 6.5% in February 2021, but that figure began to climb upward in May, and by September of this year, 13.4% of homes saw a price decrease.Some markets have offered a greater likelihood of price cuts on listings than others. Kansas led all states in the share of homes with a price decrease in 2021 at 30.2%—the only state with a percentage above 30% for the year.
The data used in this analysis is from Redfin and Zillow. To determine the locations where the most homes experienced a price cut, researchers atcalculated the percentage of active listings with a price cut in each market, accounting for the first nine months of 2021. In the event of a tie, the location with the lower average sale-to-list price ratio was ranked higher.
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