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

June 26, 2023

3 min Read

Written by Gabrielle Olya

Edited by Amen Oyiboke

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After a housing market that has been so hot the past few years that people have been buying homes in cash and paying over the asking price, prospective homebuyers may finally be able to catch a break. Home prices are starting to slow down. And in some cities, those prices are coming down much more significantly than in others.

To find the cities where sellers are slashing prices the most, GOBankingRates analyzed 95 of the largest U.S. metros to find where the largest shares of listings with price cuts are and how much those prices are being cut. Here’s a look at how much home prices are dropping in the top 10 cities.

10. Jackson, Mississippi

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

9. Palm Bay, Florida

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

8. Rochester, New York

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

7. New Orleans

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

6. Buffalo, New York

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

5. Akron, Ohio

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

4. Toledo, Ohio

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

3. Tampa, Florida

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

2. Pittsburgh

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

1. North Port, Florida

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

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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.