5 Markets With the Largest Price Drops
March 3, 2011
The number of homes where sellers have cut their asking price is up 17.6 percent, according to a ZipRealty survey that analyzed MLS-listed properties in 26 markets.
“In more than half of the surveyed markets, sellers are averaging at least two reductions in price,” says John Oldham, director of marketing for ZipRealty. “Inventory has grown throughout much of the year. As sellers face the pressure of more buying options, they seem to be discounting to attract buyers resulting in list prices being cut for over 46 percent of the homes.”
The median reduction amount has averaged 1.7 percent to $19,088.
Florida leads the nation in the largest percentage of discounts to the original list price, with Orlando (12.5 percent discount), Jacksonville (12.1 percent), and Miami/Ft. Lauderdale/Palm Beach (11.9) leading the pack.
The top 5 markets with the largest overall median price reduction in absolute dollars include:
- San Francisco: $32,500 median price reduction
- Orange County, Calif.: $31,000
- San Diego: $29,100
- Miami/Ft. Lauderdale/Palm Beach: $25,000
- Seattle: $25,000
Source: “ZipRealty’s Monthly Price Reduction Index Reports Double Digit Increase in Number of Price Reduced Home Listings Over Last Year,” ZipRealty (Feb. 10, 2011)
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