One in Five Home Sellers Cutting Prices in Buyer's Market
Price reductions hit a record seasonal high as buyer leverage grows, with Denver leading among metros seeing the most markdowns.
About 21% of U.S. home sellers reduced their asking prices during the four weeks ending September 20, the highest share for that time of year in Redfin's tracking history, according to new data from the real estate brokerage. The figure edged up from 19.8% recorded during the same period a year earlier, signaling a continued shift in negotiating power toward buyers.
The data reflect a housing market in which elevated mortgage rates and stretched affordability have cooled demand, leaving sellers increasingly willing to trim expectations in order to close deals. The trend marks a notable reversal from the pandemic-era frenzy when homes routinely sold above list price with minimal time on the market.
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Denver ranked as the metro where price cuts were most prevalent, underscoring the city's status as a buyer's market, even as conditions there differ in degree from other markets showing similar patterns. The geographic spread of markdowns suggests the softening is not confined to a single region but is playing out across multiple parts of the country.
For prospective buyers who have been sidelined by high costs, the uptick in price reductions may represent growing opportunity, though affordability constraints tied to borrowing costs remain a significant barrier for many households. Sellers, meanwhile, face a calculus of whether to hold firm on price or accept less to avoid prolonged time on the market.
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