{"id":82439,"date":"2025-10-02T05:30:28","date_gmt":"2025-10-02T12:30:28","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=82439"},"modified":"2025-10-01T12:43:05","modified_gmt":"2025-10-01T19:43:05","slug":"price-drops-record-rate-august-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/price-drops-record-rate-august-2025\/","title":{"rendered":"Home Sellers Are Cutting Prices at a Record Rate to Lure Skittish Buyers"},"content":{"rendered":"

The typical home that sold in August went for nearly 4% under its asking price\u2013the steepest discount for that month since 2019.\u00a0<\/span><\/i><\/p>\n

One of every six (16.7%) U.S. home sellers dropped their asking price in August, up from 15.9% a year earlier and the highest share for that month in records dating back to 2012.\u00a0<\/span><\/p>\n

It\u2019s the highest share for <\/span>any <\/span><\/i>time of year except the previous two months, when the portion of listings with a price cut hit 16.8% (June) and 17.4% (July). Note that the share of listings with price drops typically declines from June\/July to August because that\u2019s the seasonal pattern.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

This is according to a Redfin analysis of MLS data. To determine the share of active listings in the U.S. and in the 50 most populous U.S. metro areas with price drops, we divide the number of listings with a price drop of more than 1% from the previous price in a given month by the total number of active listings in the same month.\u00a0<\/span><\/p>\n

Not only are a bigger <\/span>share<\/span><\/i> of for-sale homes seeing price drops, but the typical discount from the original list price is the biggest it has been since before the pandemic. The typical home that sold in August went for 3.8% less than its original asking price\u2013the steepest discount for that month since 2019.\u00a0<\/span><\/p>\n

More sellers are cutting prices because <\/span>high housing costs<\/span><\/a>, economic uncertainty and rising inventory have made it a <\/span>buyer\u2019s market<\/span><\/a>. While inventory has <\/span>lost steam<\/span><\/a> in recent months, it\u2019s still outpacing demand. In August, home sellers outnumbered buyers by more than 500,000, the <\/span>second-biggest gap<\/span><\/a> in records dating back over a decade. That has led to price drops because when buyers have more options to choose from, they\u2019re not willing to pay as much for a home.\u00a0<\/span><\/p>\n

Sellers are still catching up to the buyer\u2019s market dynamic; many sellers are listing too high. When sellers realize their home is priced too high, they sometimes bring it down to attract a buyer and sometimes pull the home off the market.\u00a0<\/span><\/p>\n

\u201cWhile some home sellers have come to terms with the realities of today\u2019s housing market, many are still hoping to cash in on the pandemic-era housing market, when high demand was pushing many sale prices way over asking,\u201d said Redfin Senior Economist Asad Khan.<\/a> \u201cPrice drops can signal weakness to buyers and lead to <\/span>further <\/span><\/i>cuts, so home sellers should consult a local agent to set a realistic price from the beginning. It\u2019s also wise for sellers to be patient, understand that it may take a few weeks or even a few months to offload their home in today\u2019s slower-than-usual market, and be open to making concessions.\u201d<\/span><\/p>\n

Price Drops Are Most Common For Single-Family Homes<\/h3>\n

 <\/p>\n

Single-family home listings are driving the price-drop trend.\u00a0<\/span><\/p>\n

Nearly one in five (18.3%) single-family-home listings had a price drop in August, compared with 12.8% of condo listings and 11.5% of townhome listings.\u00a0<\/span><\/p>\n

Sellers of single-family homes are more commonly dropping prices because condo sellers have had longer to catch up to the realities of today\u2019s market. The condo market has been <\/span>suffering<\/span><\/a> for many years, partly because homebuyers in Florida and Texas <\/span>backed away<\/span><\/a> from condos amid surging insurance costs and HOA fees. Those who are selling condos are more likely to set realistic prices from the start. Additionally, price drops are historically more common for single-family homes than condos or townhouses, likely because single-family homes are more difficult to price, as they have more variables and are more likely to have been renovated to the owner\u2019s taste.\u00a0<\/span><\/p>\n

Price Drops Becoming More Common in Nearly Every Major U.S. Metro<\/h3>\n

 <\/p>\n

In Denver, nearly one-third (31.1%) of home sellers dropped their asking price in August, the highest share of the 50 most populous U.S. metros. It\u2019s followed by Indianapolis (30.7%) and San Antonio (28.5%).\u00a0<\/span><\/p>\n

There are seven other metros where over one-quarter of sellers dropped their price, and most are in Texas and Florida: Austin, Dallas, Tampa, Houston, Jacksonville, Portland, OR and Fort Worth.\u00a0<\/span><\/p>\n

\u201cSupply is stacking up and we\u2019re seeing price drop after price drop,\u201d said Crystal Zschirnt<\/a>, a Redfin Premier agent in Dallas. \u201cHouse hunters are still on the fence, hoping mortgage rates come down more before they buy. But the buyers who are jumping in now are the ones who are getting a good deal: A fair price, concessions from the seller, and maybe even help buying down their rate. The sellers who are willing to give concessions and sell for slightly less than they want are usually the ones who need to offload their home quickly; maybe they\u2019re moving out of state or need a bigger home because they\u2019re expanding their family. Buyers should consider looking at homes that have been on the market for several weeks; they may get a deal.\u201d<\/span><\/p>\n

The share of listings with a price drop rose in 38 of the 50 most populous metro areas. The biggest increases were in Washington, D.C., San Jose, CA and Indianapolis. The biggest <\/span>declines <\/span><\/i>were\u00a0 in San Antonio, Tampa, and West Palm Beach, FL.\u00a0<\/span><\/p>\n

Price drops were least<\/span> common in major coastal metros. In Newark, NJ, 10.7% of sellers dropped their asking price, the smallest share in this analysis, followed by New York (11.7%) and San Francisco (12.2%).\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Metro-Level Summary: Price Drops, August 2025<\/b><\/p>\n

50 most populous U.S. metro areas<\/span><\/i><\/td>\n<\/tr>\n

U.S. metro area<\/b><\/td>\nShare of active listings with price drops<\/b><\/td>\nShare of active listings with price drops, YoY change (in percentage points)<\/b><\/td>\nAverage percent price drop<\/b><\/td>\n<\/tr>\n
Anaheim, CA<\/span><\/td>\n18.5%<\/span><\/td>\n1.5<\/span><\/td>\n3.7%<\/span><\/td>\n<\/tr>\n
Atlanta, GA<\/span><\/td>\n24.9%<\/span><\/td>\n1.1<\/span><\/td>\n3.7%<\/span><\/td>\n<\/tr>\n
Austin, TX<\/span><\/td>\n28.5%<\/span><\/td>\n-0.3<\/span><\/td>\n3.8%<\/span><\/td>\n<\/tr>\n
Baltimore, MD<\/span><\/td>\n21.9%<\/span><\/td>\n2.6<\/span><\/td>\n4.4%<\/span><\/td>\n<\/tr>\n
Boston, MA<\/span><\/td>\n16.4%<\/span><\/td>\n2.4<\/span><\/td>\n3.9%<\/span><\/td>\n<\/tr>\n
Chicago, IL<\/span><\/td>\n14.1%<\/span><\/td>\n1.7<\/span><\/td>\n3.9%<\/span><\/td>\n<\/tr>\n
Cincinnati, OH<\/span><\/td>\n19.7%<\/span><\/td>\n0.3<\/span><\/td>\n3.9%<\/span><\/td>\n<\/tr>\n
Cleveland, OH<\/span><\/td>\n20.7%<\/span><\/td>\n1.8<\/span><\/td>\n5.3%<\/span><\/td>\n<\/tr>\n
Columbus, OH<\/span><\/td>\n21.9%<\/span><\/td>\n2.3<\/span><\/td>\n3.4%<\/span><\/td>\n<\/tr>\n
Dallas, TX<\/span><\/td>\n28.2%<\/span><\/td>\n1.3<\/span><\/td>\n3.4%<\/span><\/td>\n<\/tr>\n
Denver, CO<\/span><\/td>\n31.1%<\/span><\/td>\n2.8<\/span><\/td>\n3.3%<\/span><\/td>\n<\/tr>\n
Detroit, MI<\/span><\/td>\n20.9%<\/span><\/td>\n2.0<\/span><\/td>\n5.7%<\/span><\/td>\n<\/tr>\n
Fort Lauderdale, FL<\/span><\/td>\n18.5%<\/span><\/td>\n0.0<\/span><\/td>\n4.5%<\/span><\/td>\n<\/tr>\n
Fort Worth, TX<\/span><\/td>\n26.8%<\/span><\/td>\n-0.1<\/span><\/td>\n3.3%<\/span><\/td>\n<\/tr>\n
Houston, TX<\/span><\/td>\n27.2%<\/span><\/td>\n1.5<\/span><\/td>\n4.0%<\/span><\/td>\n<\/tr>\n
Indianapolis, IN<\/span><\/td>\n30.7%<\/span><\/td>\n2.8<\/span><\/td>\n3.5%<\/span><\/td>\n<\/tr>\n
Jacksonville, FL<\/span><\/td>\n26.9%<\/span><\/td>\n-0.2<\/span><\/td>\n3.6%<\/span><\/td>\n<\/tr>\n
Las Vegas, NV<\/span><\/td>\n21.2%<\/span><\/td>\n1.6<\/span><\/td>\n3.3%<\/span><\/td>\n<\/tr>\n
Los Angeles, CA<\/span><\/td>\n16.9%<\/span><\/td>\n2.8<\/span><\/td>\n4.4%<\/span><\/td>\n<\/tr>\n
Miami, FL<\/span><\/td>\n15.3%<\/span><\/td>\n0.3<\/span><\/td>\n4.4%<\/span><\/td>\n<\/tr>\n
Milwaukee, WI<\/span><\/td>\n13.9%<\/span><\/td>\n-0.7<\/span><\/td>\n4.3%<\/span><\/td>\n<\/tr>\n
Minneapolis, MN<\/span><\/td>\n21.9%<\/span><\/td>\n0.1<\/span><\/td>\n3.4%<\/span><\/td>\n<\/tr>\n
Montgomery County, PA<\/span><\/td>\n16.9%<\/span><\/td>\n1.7<\/span><\/td>\n3.8%<\/span><\/td>\n<\/tr>\n
Nashville, TN<\/span><\/td>\n20.4%<\/span><\/td>\n-0.3<\/span><\/td>\n3.4%<\/span><\/td>\n<\/tr>\n
Nassau County, NY<\/span><\/td>\n14.1%<\/span><\/td>\n1.3<\/span><\/td>\n5.1%<\/span><\/td>\n<\/tr>\n
New Brunswick, NJ<\/span><\/td>\n14.6%<\/span><\/td>\n1.6<\/span><\/td>\n4.4%<\/span><\/td>\n<\/tr>\n
New York, NY<\/span><\/td>\n11.7%<\/span><\/td>\n-0.3<\/span><\/td>\n5.1%<\/span><\/td>\n<\/tr>\n
Newark, NJ<\/span><\/td>\n10.7%<\/span><\/td>\n0.0<\/span><\/td>\n5.0%<\/span><\/td>\n<\/tr>\n
Oakland, CA<\/span><\/td>\n18.6%<\/span><\/td>\n1.8<\/span><\/td>\n4.6%<\/span><\/td>\n<\/tr>\n
Orlando, FL<\/span><\/td>\n24.6%<\/span><\/td>\n-0.3<\/span><\/td>\n3.6%<\/span><\/td>\n<\/tr>\n
Philadelphia, PA<\/span><\/td>\n20.5%<\/span><\/td>\n0.2<\/span><\/td>\n4.8%<\/span><\/td>\n<\/tr>\n
Phoenix, AZ<\/span><\/td>\n22.5%<\/span><\/td>\n1.5<\/span><\/td>\n3.2%<\/span><\/td>\n<\/tr>\n
Pittsburgh, PA<\/span><\/td>\n20.5%<\/span><\/td>\n-0.8<\/span><\/td>\n5.3%<\/span><\/td>\n<\/tr>\n
Portland, OR<\/span><\/td>\n26.8%<\/span><\/td>\n0.9<\/span><\/td>\n3.7%<\/span><\/td>\n<\/tr>\n
Providence, RI<\/span><\/td>\n13.5%<\/span><\/td>\n-0.9<\/span><\/td>\n4.5%<\/span><\/td>\n<\/tr>\n
Riverside, CA<\/span><\/td>\n19.4%<\/span><\/td>\n2.1<\/span><\/td>\n3.8%<\/span><\/td>\n<\/tr>\n
Sacramento, CA<\/span><\/td>\n23.5%<\/span><\/td>\n0.8<\/span><\/td>\n3.6%<\/span><\/td>\n<\/tr>\n
San Antonio, TX<\/span><\/td>\n28.5%<\/span><\/td>\n-2.7<\/span><\/td>\n3.9%<\/span><\/td>\n<\/tr>\n
San Diego, CA<\/span><\/td>\n22.2%<\/span><\/td>\n2.6<\/span><\/td>\n3.8%<\/span><\/td>\n<\/tr>\n
San Francisco, CA<\/span><\/td>\n12.2%<\/span><\/td>\n1.4<\/span><\/td>\n5.8%<\/span><\/td>\n<\/tr>\n
San Jose, CA<\/span><\/td>\n17.4%<\/span><\/td>\n4.3<\/span><\/td>\n5.0%<\/span><\/td>\n<\/tr>\n
Seattle, WA<\/span><\/td>\n22.8%<\/span><\/td>\n2.6<\/span><\/td>\n3.5%<\/span><\/td>\n<\/tr>\n
Tampa, FL<\/span><\/td>\n27.9%<\/span><\/td>\n-1.2<\/span><\/td>\n3.7%<\/span><\/td>\n<\/tr>\n
Virginia Beach, VA<\/span><\/td>\n19.4%<\/span><\/td>\n2.0<\/span><\/td>\n3.3%<\/span><\/td>\n<\/tr>\n
Warren, MI<\/span><\/td>\n21.7%<\/span><\/td>\n0.8<\/span><\/td>\n4.1%<\/span><\/td>\n<\/tr>\n
Washington, DC<\/span><\/td>\n18.4%<\/span><\/td>\n4.4<\/span><\/td>\n3.5%<\/span><\/td>\n<\/tr>\n
West Palm Beach, FL<\/span><\/td>\n17.8%<\/span><\/td>\n-1.0<\/span><\/td>\n4.6%<\/span><\/td>\n<\/tr>\n
National<\/b><\/td>\n16.7%<\/b><\/td>\n0.8<\/b><\/td>\n4.1%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The typical home that sold in August went for nearly 4% under its asking price\u2013the steepest discount for that month since 2019.\u00a0 One of every six (16.7%) U.S. home sellers dropped their asking price in August, up from 15.9% a year earlier and the highest share for that month in records dating back to 2012.\u00a0 […]<\/p>\n","protected":false},"author":13153,"featured_media":82443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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