30% Of Listings Saw Price Drops In The DC Region In October

• November 24th

by UrbanTurf Staff

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In October, the U.S. housing market signaled a meaningful shift toward buyers as listing discounts reached historic levels.

A new report from Zillow out Monday finds that active listings across the country experienced cumulative price cuts of $25,000 last month. Th report also found that roughly 27% of listings nationwide had a price cut in October. This signals that more sellers are adjusting their expectations and using multiple reductions, rather than a single markdown, as homes linger longer on the market. 

The DC region appears to reflect this broader trend. The report found that 30% of listings in the area saw one or more price reductions during October. These reductions also approach the $25,000 level seen nationwide—meaning many sellers in the region lowered their listing prices by roughly that amount over one or more rounds of cuts. 

"Most homeowners have seen their home values soar over the past several years, which gives them the flexibility for a price cut or two while still walking away with a profit," said Zillow Senior Economist Kara Ng. "These discounts are bringing more listings in line with buyers' budgets, and helping fuel the most active fall housing market in three years. Patient buyers are reaping the rewards as the market continues to rebalance."

This article originally published at https://dc.urbanturf.com/articles/blog/30_of_listings_saw_price_drops_in_the_dc_region_in_october/24101.