These Housing Markets Are Seeing the Most Price Cuts

After years of rising prices, homebuyers are finally getting a break. According to housing marketing platform Zillow, one in four home sellers cut their asking prices in June. This figure is the highest share on record for this time of year in Zillow’s data. Nationally, 26.6% of active listings saw a price cut, up from 25.8% in May and from 24.4% one year ago.

However, some cities are experiencing even higher price cuts. Denver leads the nation in price cuts, with 38.3% of listings seeing a price reduction in June. Denver is followed by Raleigh, N.C., where 36.4% of listings received price cuts, and then Dallas, Nashville, and Phoenix, where all three saw 35.5% of listings receive a price cut in June.

Most of these markets saw explosive growth during the pandemic housing boom. Now, they are rebalancing as population growth slows and some buyers bump up against affordability ceilings. Nationwide, inventory is still 20.6% below pre-pandemic norms, but it’s already surpassed those levels in the five metros above, except Phoenix, which is just 2% below.

On the opposite end, price cuts remain rare in markets like Milwaukee (13.9% of listings with a price cut in June), New York (15.6%), Hartford (16.0%), Buffalo (18.3%), and San Jose (22.1%). In these areas, tight inventory — both existing homes and new construction — is keeping sellers in the driver’s seat.