Where the Most Listings Are Undergoing Price Drops
January 14, 2019
Discounted listings are becoming more commonplace, with 38 of the largest 45 U.S. markets seeing an increase in price reductions in December, according to a new report from realtor.com®. The highest number of price reductions on homes was in Charlotte, N.C., where 24 percent of listings were discounted in December, followed by San Jose, Calif. (10 percent); Tampa, Fla. (9 percent); Phoenix (9 percent); and Seattle (8 percent). Further, 40 percent of homes are spending more time on the market, according to realtor.com®’s report.
“Sellers are adjusting their strategies, especially in slowing, pricey markets with growing availability of homes for sale,” says realtor.com® Chief Economist Danielle Hale. “Although buyers may not find a bargain, the price discounts and recently lower borrowing costs may entice upper-tier buyers back into the market. By contrast, entry-level shoppers continue to contend with declining availability of homes for purchase, albeit at a slower rate.”
The sharpest declines in median listing prices were in San Jose and San Francisco, where prices are down 12 percent and 4 percent, respectively. Austin, Texas; Houston; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Jacksonville, Fla., also posted declines. “However, selling prices in some of these markets are not yet reflecting those declines,” realtor.com® notes.
“Housing Market Cooldown Continues as Inventory Increases in December,” realtor.com® (January 2019)
Updated: August 22, 2019