Cities With Reduced Asking Prices
In most of America's local real estate markets, home values have dropped off dramatically from their peaks, although prices have begun to move off their lows.
Many homeowners have chosen to accept a lower price and when combined with rising prices, this may signal an attractive buying opportunity in US real estate. In a report by Trulia.com, the real estate website found that 20% of US listings have seen at least one price reduction, compared to 27% one year earlier.
Trulia's co-founder and CEO, Pete Flint, sees "early signs of stabilization on the national level" and expects "the next few months to be very telling for whether the US housing market can be self sustaining over the longer-term."
So, which US cities have seen the highest proportion of home listings getting price reductions? Click ahead to find out!
By Paul Toscano
Posted 21 April 2010
Note: If cities have the same proportion of homes with price reductions, ranking is then determined by the total price reduction value.
10. Portland, Oregon
Listings with price reductions: 26%
Average price reduction: 9%
Total amount of reductions: $37,362,870
Example Home:
3 bedrooms
3 ½ bathrooms
4,147 sqft
Price: $999,999
Price reduced by $199,001
Total % reduced: 16.6%
9. Cleveland, Ohio
Listings with price reductions: 27%
Average price reduction: 12%
Total amount of reductions: $11,489,765
Example Home:
5 bedrooms
4 bathrooms
2,300 sqft
Current Price: $330,000
Price reduced by $35,000
Total % reduced: 9.6%
8. Columbus, Ohio
Listings with price reductions: 27%
Average price reduction: 8%
Total amount of reductions: $14,150,442
Example Home:
2 bedrooms
2 bathrooms
2,600 sqft
Current Price: $429,900
Price reduced by $30,000
Total % reduced: 6.5%
7. Baltimore, Maryland
Listings with price reductions: 29%
Average price reduction: 12%
Total amount of reductions: $38,766,186
Example Home:
5 bedrooms
3 bathrooms
Current price: $695,000
Price reduced by $54,500
Total % reduced: 12.69%
6. Jacksonville, Florida
Listings with price reductions: 29%
Average price reduction: 12%
Total amount of reductions: $86,618,812
Example Home:
4 bedrooms
4 bathrooms
5,788 sqft
Current price: $1,050,000
Price reduced by $150,000
Total % reduced: 12.5%
5. Dallas, Texas
Listings with price reductions: 30%
Average price reduction: 9%
Total amount of reductions: $112,697,184
Example Home:
2 bathrooms
3196 sqft
Current price: $2,399,333
Price reduced by $700,667
Total % reduced: 22.6%
4. Mesa, Arizona
Listings with price reductions: 31%
Average price reduction: 13%
Total amount of reductions: $29,840,280
Example Home:
4 bedrooms
5 bathrooms
4,417 sqft
Current price: $999,000
Price reduced by $100,000
Total % reduced: 24.60%
3. Minneapolis, Minnesota
Listings with price reductions: 32%
Average price reduction: 8%
Total amount of reductions: $18,628,272
Example Home:
6 bedrooms
5 bathrooms
5,217 sqft
Current price: $1,550,000
Price reduced by $245,000
Total % reduced: 13.6%
2. Phoenix, Arizona
Listings with price reductions: 32%
Average price reduction:13%
Total amount of reductions: $109,247,720
Example Home:
5 bedrooms
5 bathrooms
7,100 sqft
Current price: $4,399,000
Price reduced by $501,000
Total % reduced: 10.2%
1. Milwaukee, Wisconsin
Listings with price reductions: 34%
Average price reduction: 9%
Total amount of reductions: $19,480,719
Example Home:
6 bedrooms
5 full, 3 partial bathrooms
Current price: $2,590,000
Price reduced by $360,000
Total % reduced: 12.20%