Real Estate 2024: 13 Cities With Average Price Cuts of $50K or More on Listings

Pricing a home for sale requires some serious strategizing. If you price too low, you risk selling your home for less than it’s worth. But if you price too high, your home could remain on the market for too long. When the latter happens, many sellers will slash listing prices to make the home more appealing — but in some cities, sellers are having to make extreme price cuts to get their homes sold.

GOBankingRates analyzed the 200 largest metro areas to find the cities where sellers are making the most substantial price cuts. In all of these cities, the mean price cut is $50,000 or more.

• Home value (June 2024): $982,112
• Share of listings with price cut: 19.70%
• Average price cut: $103,431

• Home value (June 2024): $1,624,016
• Share of listings with price cut: 14.63%
• Average price cut: $94,022

• Home value (June 2024): $1,181,192
• Share of listings with price cut: 20.08%
• Average price cut: $89,350

• Home value (June 2024): $844,402
• Share of listings with price cut: 20.39%
• Average price cut: $80,737

• Home value (June 2024): $966,786
• Share of listings with price cut: 17.20%
• Average price cut: $71,751

• Home value (June 2024): $630,515
• Share of listings with price cut: 13.29%
• Average price cut: $71,616

• Home value (June 2024): $1,180,321
• Share of listings with price cut: 17.62%
• Average price cut: $69,905

• Home value (June 2024): $668,361
• Share of listings with price cut: 13.45%
• Average price cut: $57,487

• Home value (June 2024): $901,600
• Share of listings with price cut: 21.01%
• Average price cut: $54,502

• Home value (June 2024): $816,507
• Share of listings with price cut: 21.56%
• Average price cut: $53,137

• Home value (June 2024): $706,039
• Share of listings with price cut: 16.59%
• Average price cut: $52,442

• Home value (June 2024): $876,717
• Share of listings with price cut: 17.97%
• Average price cut: $51,712

• Home value (June 2024): $957,582
• Share of listings with price cut: 22.07%
• Average price cut: $51,225

Methodology: For this piece, GOBankingRates looked at the 200 largest metro statistical areas (MSAs) according to real estate market and found the following 10 factors: (1) one-year percent change in home value; (2) one-year change in home value in USD; (3) two-year percent change in home value; (4) two-year change in home value in USD; (5) for-sale inventory; (6) mean days from listing to pending; (7) mean list-to-sale ratio; (8) mean days from pending to close; (9) share of listings with a price cut; and (10) mean price cut. All data was sourced from Zillow’s June 2024 data. All 10 factors were then scored and combined, with the highest score being the worst housing market. In final calculations, factors (1), (2), (9) and (10) were weighted 2x and factor (5) was weighted 0.5x. All data was collected and is up to date as of July 29, 2024.