Maryland Dominates Ranking of Reduced Listing Prices

• January 21st 2009

by Will Smith

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Online realtor Redfin recently posted its monthly report on the areas around DC metro that have seen the highest rate of price reductions over the last 90 days. What is immediately clear is that areas in Maryland are struggling; the top 28 areas with the highest price reduction rate are all in the state with Olney, Langley Park, and Brentwood leading the way.

Taking a look at the spreadsheet that lists all 243 analyzed areas, one gets a clear view of just how bad things are in the state.

Redfin notes that a whopping 84 percent of the areas they analyzed across DC, MD, and VA have price reduction rates north of 50 percent. In short, more than half the properties for sale have seen some sort of price reduction in the last 90 days in most parts of the DC metropolitan area. These stats beg the question as to whether more sellers should have their homes appraised before putting them on the market so that the original selling price they choose is actually realistic. (We covered this topic in a previous article Reality Check: Should Every Seller Get Their Home Appraised?.)

Redfin also lists the top ten price-reduction neighborhoods within DC proper:

As for how to interpret all these price-reduction stats, Redfin offers the following:

“For home buyers, cities and neighborhoods that consistently remain near the top of the list for price reductions may be a good place to potentially hunt for bargains. Once a home has been on the market a while, many buyers tend to overlook it, even though a price reduction or two may have brought it into a more desirable price range.”

This article originally published at https://dc.urbanturf.com/articles/blog/maryland_dominates_ranking_of_reduced_listing_prices/458.