GOBankingRates
Investing / Real Estate

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

By Gabrielle Olya

December 23, 2022

Sean Pavone / Shutterstock.com

Sean Pavone / Shutterstock.com

Good news for prospective homebuyers: After many months of skyrocketing home prices, they are finally on the downswing in many places across the country. However, some U.S. cities are seeing bigger drops than others.

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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.

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10. Boise, Idaho

  • Share of listings with price cuts: 18%
  • Average price cut: 2.8%
  • Median price cut: 2.5%
DenisTangneyJr / Getty Images/iStockphoto

9. Syracuse, New York

  • Share of listings with price cuts: 9%
  • Average price cut: 5.2%
  • Median price cut: 4.7%

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8. Buffalo, New York

  • Share of listings with price cuts: 9%
  • Average price cut: 5.3%
  • Median price cut: 4.8%
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7. Albany, New York

  • Share of listings with price cuts: 11%
  • Average price cut: 4.8%
  • Median price cut: 4.4%

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6. New Orleans

  • Share of listings with price cuts: 16%
  • Average price cut: 3.7%
  • Median price cut: 3.2%
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5. Toledo, Ohio

  • Share of listings with price cuts: 9%
  • Average price cut: 5.4%
  • Median price cut: 4.7%
Sean Pavone / Getty Images/iStockphoto

4. Cleveland

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

  • Share of listings with price cuts: 13%
  • Average price cut: 4.8%
  • Median price cut: 4%
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2. Akron, Ohio

  • Share of listings with price cuts: 11%
  • Average price cut: 5.6%
  • Median price cut: 4.9%
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1. Pittsburgh

  • Share of listings with price cuts: 14%
  • Average price cut: 4.9%
  • Median price cut: 4.2%

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Methodology: In order to find the top 10 cities where sellers are slashing home prices, GOBankingRates used Zillow data to find the following for 95 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 2022 averages from Zillow’s July 2022 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 Aug. 25, 2022.