How Much Are Home Prices Dropping in Cities Where Sellers Are Slashing Them?

• Share of listings with price cuts: 28.61%
• Average price cut: 3.07% 
• Median price cut: 2.63%

• Share of listings with price cuts: 10.35%
• Average price cut: 6.50% 
• Median price cut: 5.82%

• Share of listings with price cuts: 24.32%
• Average price cut: 3.98% 
• Median price cut: 3.38%

• Share of listings with price cuts: 13.94%
• Average price cut: 5.92% 
• Median price cut: 5.22%

• Share of listings with price cuts: 18.25%
• Average price cut: 5.23% 
• Median price cut: 4.42%

• Share of listings with price cuts: 16.21%
• Average price cut: 5.75% 
• Median price cut: 4.86%

• Share of listings with price cuts: 12%
• Average price cut: 4.8%
• Median price cut: 4.2%

• Share of listings with price cuts: 19.50%
• Average price cut: 5.23%
• Median price cut: 4.29%

• Share of listings with price cuts: 20.89%
• Average price cut: 4.71%
• Median price cut: 3.60%

Methodology: In order to find the 10 cities where sellers are slashing home prices GOBankingRates used Zillow data to find the following for 100 of the United States’ largest metros: (1) share of listings with a price cut; (2) average price cut (%); and (3) median price cut (%). All data are 2023 averages from Zillow’s May 2023 data for all homes, smoothed monthly. All factors were scored and combined with the highest score being the worst, in final calculations factor (1) was doubled. All data was collected and is up to date as of June 12, 2023.