One in Five U.S. Home Sellers Cut Prices as Buyer’s Market Continues
According to Redfin data for the four weeks ending September 20, 21% of U.S. home sellers reduced their asking prices—the highest share this time of year since records began in early 2022 and a slight increase from 19.8% a year ago. This trend reflects an ongoing buyer’s market where many sellers are adjusting expectations or delisting if they don’t meet price goals. Price cuts were most common in Denver, with nearly one-third of sellers lowering prices (30.9%), followed by Indianapolis and several Texas cities like San Antonio, Dallas, and Austin—markets known for having more homes than buyers. In contrast, the rate was lowest in San Francisco due to a strong market driven partly by AI-related wealth. Redfin Senior Economist Asad Khan noted that sellers who price realistically from the start tend to sell faster amid high mortgage rates (over 7%) and economic uncertainty. Buyers are gaining more leverage early on through lower asking prices, though concessions like repair credits or closing cost help remain common in negotiations.
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Topics: asking price drops buyer's market home sellers real estate trends