The Most Home Price Reductions
For the nation's real estate market, home valuations have dropped off dramatically. However, the actual listing prices have not fallen as much, with realtors and sellers clinging onto original valuations, trying to minimize losses on their investments.
But reduced prices could significantly increase the chances of a final sale, with homeowners finally choosing to cut their losses and accept a lower price. In a recent report by Trulia.com, the real estate website found that 21% of US listings have seen at least one price reduction. The average discount for price-reduced homes continues to hold at 11 percent off of the original listing price. This was also the second straight month where inventory levels have dropped for single family homes and condos across the United States.
So, which US cities have seen the highest proportion of home listings getting price reductions? Click ahead to find out!
Posted 12 Jan 2010
12. Dallas. TX
Percent of Listings with Price Reductions: 28%
Average reduction in Dallas: 8%
$5,495,000
5 Bedrooms
6 Baths
10,000 sqft
Single-Family Home
Price reduced by $500,000
Total % reduced: 8.3%
11. Boston, MA
Percent of Listings with Price Reductions 29% (Tied)
Average reduction in Boston: 7%
$750,000
7 Bedrooms
1 Full 2 Partial Baths
3,563 sqft
Single-Family Home
Price reduced by $45,000
Total % reduced: 5.7%
10. Mesa, AZ
Percent of Listings with Price Reductions 29% (Tied)
Average reduction in Mesa: 14%
$1,200,000
3 Bedrooms
4 Baths
3,508 sqft
Single-Family Home
Price reduced by $100,000
Total % reduced: 7.7%
9. Indianapolis, IN
Percent of Listings with Price Reductions 29% (Tied)
Average reduction in Indianapolis: 9%
$1,150,000
6 Bedrooms
6 Baths
10,356 sqft
Single-Family Home
Price reduced by $70,000
Total % reduced: 5.7%
8. Baltimore, MD
Percent of Listings with Price Reductions 29% (Tied)
Average reduction in Baltimore: 12%
$726,000
4 Bedrooms
3 ½ Baths
Single-Family Home
Price reduced by $69,500
Total % reduced: 8.7%
7. Charlotte, NC
Percent of Listings with Price Reductions 30% (Tied)
Average reduction in Charlotte: 10%
$1,500,000
6 Bedrooms
6 ½ Baths
Single-Family Home
Price reduced by $450,000
Total % reduced: 23.1%
6. Tucson, AZ
Percent of Listings with Price Reductions 30% (Tied)
Average reduction in Tucson: 10%
$2,249,000
5 Bedrooms
6 Baths
7,866 sqft
Single-Family Home
Price reduced by $226,000
Total % reduced: 9.1%
5. Omaha, NE
Percent of Listings with Price Reductions 32% (Tied)
Average reduction in Omaha: 7%
$747,000
3 Bedrooms
2 ½ Baths
3,479 sqft
Single-Family Home
Price reduced by $13,000
Total % reduced: 1.7%
4. Seattle, WA
Percent of Listings with Price Reductions 32% (Tied)
Average reduction in Seattle: 10%
$2,995,000
5 Bedrooms
5 Baths
4,400 sqft
Single-Family Home
Price reduced by $445,000
Total % reduced: 12.9%
3. Portland, OR
Percent of Listings with Price Reductions 33% (Tied)
Average reduction in Portland: 9%
$1,195,000
4 Bedrooms
2 Full 2 Partial Baths
5,176 sqft
Single-Family Home
Price reduced by $180,000
Total % reduced: 13.1%
2. Milwaukee, WI
Percent of Listings with Price Reductions 33% (Tied)
Average reduction in Milwaukee: 10%
$1,150,000
5 Bedrooms
3 ½ Baths
6,567 sqft
Single-Family Home
Price reduced by $100,000
Total % reduced: 8%
1. Jacksonville, FL
Percent of Listings with Price Reductions 36%
Average reduction in Jacksonville: 11%
$1,995,000
6 Bedrooms
5 Baths
5,675 sqft
Single-Family Home
Price reduced by $705,000
Total % reduced: 26%