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What Kinds of Deals Can Homebuyers Expect on Black Friday?

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New-Home Sales

What Kinds of Deals Can Homebuyers Expect on Black Friday?

Home shoppers have their eyes peeled for great deals this holiday season, but is it too late to find discounts on available listings?

November 17, 2022
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Image: Stock.adobe.com

Black Friday is just around the corner, and even in a market correction, home shoppers can expect big discounts, according to Zillow. The majority of sellers cut prices on Thursdays, making Thanksgiving a good time to get in the game, especially for price reductions of up to 3% of the list price, which is nearly $11,000 on the typical home.

The share of listings with a price cut is highest from the beginning of July to the middle of September due to a seasonal slowdown in home sales toward the end of the year, but buyers could still see big discounts as they regain bargaining power in a housing correction.

Home shoppers in Buffalo can snag the biggest bargains, where the typical price cut was 4.6% in September 2022, $11,291 off the original list price. Pittsburgh and Cleveland were close behind with a typical price cut of 4.2% and 4.0% respectively. Shoppers in Phoenix are going to see smaller reductions, where the typical price cut was 2.3% – but now that prices have risen roughly 43% from 2019, that 2.3% carries a larger punch. Close behind are Jacksonville and Denver with a typical price cut of 2.4%.

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