Map shows where home sellers are cutting prices most in America
Home sellers across the U.S. are cutting prices less often than they were a year ago—but beneath the national trend, a sharp regional divide is emerging.
New data from Realtor.com suggests the housing market is becoming more balanced overall, with sellers adjusting expectations earlier and buyers finally gaining more negotiating power. But while some regions are stabilizing, several pandemic-era boomtowns are still seeing widespread price cuts.
Realtor.com reported that 16.7 percent of all listings nationwide had price reductions in April, down 1.2 percentage points from a year earlier. While that marks an improvement, the figure remains higher than any pre-2024 level dating back to 2017.
In April, the median listing price for a typical U.S. home was $425,000, down 1.4 percent year-over-year.
Buyers Are Regaining Leverage
The latest figures suggest the market is becoming more “buyer-friendly,” with more inventory, longer selling times and increasingly realistic pricing from sellers.
In April, the median listing price of the typical U.S. home was $425,000, down 1.4 percent from a year earlier.
For buyers hoping for a national housing crash, however, the data offers a mixed picture. Fewer sellers are slashing prices after listing, meaning homes are increasingly entering the market at more competitive price points from the outset.
For Realtor.com senior economist Jake Krimmel, this suggests “sellers have internalized the generally more buyer-friendly market conditions and are adjusting price expectations before rather than after listing.”
Many homeowners who bought their homes at the height of the pandemic have had a hard time making peace with the fact that their property would most likely not sell for the same price they paid then. Over the past year, experts reported a rise in delistings from owners unwilling to lower asking prices.
But that was only true for those sellers who could afford to wait and hold on to their properties, and the nationwide fall in the share of price drops across the country also tells only half the story: in some regions in the country, sellers are still heavily slashing their asking prices.
Former Pandemic Darlings Facing Most Cuts
In many markets in the Sunbelt which saw an explosion in demand during the pandemic and a rapid cooldown since 2023, home price cuts are still the rule rather than the exception.
Phoenix led the country with the highest share of listings with price cuts last month, at 29 percent. It was followed by other former pandemic boomtowns: Tampa, Florida (25 percent), San Antonio, Texas (25 percent), Denver, (24 percent), and Portland, Oregon (24 percent).
Phoenix and Tampa also had the highest number of listings with price cuts in April 2025 (at 31.3 percent and 29.3 percent, respectively), which suggests these markets have been going through some turmoil since the end of the pandemic—and they are not yet out of trouble.
“Put simply, homes are not moving in these markets,” Krimmel said. “That’s down in part due to ample supply but also anemic demand at current prices and interest rates,” he added.
“Why are these metros continually topping this price cut list? It’s likely part unrealistic expectations and part wishful thinking, but price reductions do mean sellers are getting the message loud and clear.”
Northeast and Midwest Remain Stronger
The predominance of price cuts in markets across the South reflects the regional divide that has been deepening in the U.S. housing market since the end of the pandemic, when return-to-office orders and the affordability crisis started torpedoing demand in those same places in the country that had seen it booming in the previous years.
Discounts are much less common in the Northeast (10.2 percent of listings) and Midwest (13.4 percent), as inventory in these regions is tighter and demand remains higher. In the South and West, 18.8 percent and 17.9 percent of listings had discounts in April, respectively.
But even in these markets, there are signs that the ongoing price correction may be reaching an end. According to Realtor.com, four out of five of the markets with the most price reductions—with the exception of Portland—have seen fewer discounts than last year.
In the South, the share of listings with price discounts was down 1.8 percent from last year, and in the West by 1.1 percent.
