Cities Experiencing the Most Home Price Cuts

A growing share of U.S. home listings receiving price cuts is further confirmation that the housing market is shifting in favor of buyers. In June 2021, just 11.4% of listings experienced a price cut, but that share grew to 25.6% of listings in June 2025, according to data from the ResiClub blog.

Of the 50 largest housing markets in the U.S., Denver had the largest share of price cuts as of June 2025, with 36.8% of listings. That metro areas was followed by Phoenix (36.6% of listings) and Raleigh, N.C. (35.2%). Meanwhile, Milwaukee, Wisc., had the lowest share of price cuts at 13.4% of listings, followed by Hartford, Conn., and New York City, with respective shares of 14.4% and 14.7% of price-cut listings.

As ResiClub has well documented, many housing markets in the Northeast and Midwest have thus far had a milder and slower softening, while many areas in pandemic boom areas in the Mountain West and Sun Belt have seen a faster and greater softening in the post-boom market.