The 15 markets where home sellers are cutting prices the fastest

As the housing market heads into winter, price cuts are at their highest level in nearly four years. According to Realtor.com’s September 2026 housing data, 20.8% of U.S. listings had a price reduction that month, up from a year earlier.

HomeLight used that same dataset, along with local market data, to identify the 15 major metros where home sellers are cutting prices the fastest. These markets show where sellers have less room to start too high, wait too long to adjust, or rely on expectations set in a different market.

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15. Buffalo-Cheektowaga, New York

Buffalo-Cheektowaga is among the major metros where price cuts are increasing the fastest, despite a relatively low overall rate. The share of listings with price reductions rose 1.8 percentage points from a year earlier, to 12.9%.

Local housing data show a market with more homes for sale but still-rising prices. Buffalo Niagara Realtors reported that inventory was up 21.5% from a year earlier in September, while the median sale price rose 8% to $307,750.

That makes Buffalo different from markets where price cuts are already widespread. Sellers are still seeing price growth, but they are also competing with more listings than they were a year ago, which may help explain why reductions are becoming more common.

14. Richmond, Virginia

The Richmond metro makes the list after its share of listings with price cuts rose 1.8 percentage points from a year earlier. In September, 19.1% of listings had seen a price cut.

Local MLS data show that price reductions were even more common in some parts of the Richmond area. In Chesterfield County, nearly 30% of listings had a price reduction, compared with just over 20% in the city of Richmond.

Inventory across the Richmond metro was also higher than a year earlier, giving buyers more options even as prices held fairly steady. In other words, Richmond is not seeing a broad drop in values, but sellers are facing more competition than they were a year ago.

13. Las Vegas-Henderson-North Las Vegas, Nevada

In Las Vegas-Henderson-North Las Vegas, 25% of listings had a price cut this September, up 1.8 percentage points from a year earlier.

Local housing data show the market has cooled from its summer peak. Las Vegas Realtors data reported by the Las Vegas Review-Journal show that the median sale price for a single-family home fell to $470,000 in September from a record $490,000 in June. The market also had about five months of supply, up from roughly four months a year earlier.

That combination gives Las Vegas buyers more room to be selective and puts added pressure on sellers whose homes are priced above the competition.

12. Los Angeles-Long Beach-Anaheim, California

Price cuts are becoming more common across the Los Angeles-Long Beach-Anaheim metro. The share of listings with reductions rose 1.9 percentage points from a year earlier, to 17.1%.

Local data show a market with fewer sales but still-high prices. The California Association of Realtors reported that September sales in the Los Angeles Metro Area were down 8% from a year earlier, while the median sale price was still up 3%.

That helps explain why Los Angeles is seeing more price cuts. Buyer activity has cooled, but home prices have not fallen across the board, so more sellers are adjusting their asking prices.

11. Washington, D.C.-Arlington-Alexandria

Across the Washington metropolitan area, 20.1% of listings had a price cut, up 2 percentage points from a year earlier.

Bright MLS data show that buyer activity slowed in September, with pending sales down 17.1% from a year earlier. At the same time, active inventory was up 20.1%, giving buyers more homes to choose from.

The sharp drop in pending sales shows that fewer homes are moving into contract than a year ago. Combined with higher inventory, that means more sellers are competing for buyers.

10. Phoenix-Mesa-Chandler, Arizona

Phoenix-Mesa-Chandler stands out for how common price cuts already are. Nearly 3 in 10 (29%) listings had a reduction in September, up 2 percentage points from a year earlier.

Phoenix Realtors data show a clear slowdown in buyer activity. In Maricopa County, pending single-family sales fell 39.3% from a year earlier in September. Inventory was up 6.4%, while the median sale price dropped 2% to $500,000.

Pinal County showed a similar drop in pending sales. Across the metro, buyers have more options, and fewer homes are going under contract, making it harder for sellers to stand out.

9. Baltimore-Columbia-Towson, Maryland

Price cuts are showing up more often across the Baltimore metro, where 22% of listings had a reduction, up 2.1 percentage points from a year earlier.

Bright MLS data show a quieter market in September. Pending sales fell 14.9% from a year earlier, showings were down, and homes took a few days longer to sell.

The median sold price still held at $405,000, so the slowdown is showing up more in buyer activity than in closed-sale prices. Sellers are dealing with fewer active buyers even though home prices have remained relatively steady.

8. Louisville/Jefferson County, Kentucky-Indiana

Nearly 1 in 4 listings in the Louisville metro had a price cut, with the share rising 2.5 percentage points from a year earlier to 24.5%.

September data from the Greater Louisville Association of Realtors show prices easing from their summer high. The median sale price was $290,000, down from $305,000 in June, while homes sold for about 98% of their final asking price.

Sellers are still getting close to asking price, but the drop from the summer peak points to a market where pricing expectations are shifting.

7. Cleveland, Ohio

Cleveland’s share of listings with price cuts rose 2.7 percentage points from a year earlier, to 21.1%.

Recent data from the Akron Cleveland Association of Realtors show more supply and fewer sales across parts of Northeast Ohio, including Cuyahoga County. Inventory increased 13.6% from a year earlier, giving buyers more options heading into fall.

Prices are still moving up, but the balance has shifted. With more homes available and fewer sales, sellers in the Cleveland area are facing a market where buyers can be more selective.

6. Detroit-Warren-Dearborn, Michigan

Metro Detroit is seeing more sellers trim their asking prices, with 21.5% of listings reduced, up 2.8 percentage points from a year earlier.

Local data from the Greater Metropolitan Association of Realtors show inventory across Metro Detroit increasing slightly in September, while the region still had about 3.3 months of supply.

Detroit is still a relatively tight market, but buyers have a little more room than they did earlier in the year. Inventory has edged up, even as overall supply remains limited.

5. Cincinnati, Ohio-Kentucky-Indiana

Cincinnati’s share of listings with price cuts rose 2.9 percentage points from a year earlier, to 22.3%.

Local MLS data show homes taking longer to sell. In September, the Realtor Alliance of Greater Cincinnati reported that the median time on market rose 30% from a year earlier. Inventory was also higher, while sales dipped slightly.

At the same time, sale prices continued to rise. Buyers have more time and more homes to consider than they did a year ago, even as the market remains relatively stable.

4. Minneapolis-St Paul-Bloomington, Minnesota-Wisconsin

The Twin Cities saw one of the largest increases in price cuts, with 23% of listings reduced, up 4.1 percentage points from a year earlier.

Local data show a widening gap between supply and buyer activity. In September, Minneapolis Area Realtors reported that new listings were up 11.8% from a year earlier, while pending sales fell 14.9%. Inventory was also higher heading into fall.

That means listing activity is not necessarily translating into contracts. More homes are competing for buyers across the Twin Cities, even as properties continue to come onto the market.

3. Seattle-Tacoma-Bellevue, Washington

In the Seattle-Tacoma-Bellevue metro, 25% of listings had a price reduction. That share jumped 4.4 percentage points from a year earlier.

Northwest MLS data show buyers had significantly more options across the central Puget Sound area. In September, inventory was up sharply in Snohomish, King, and Pierce counties, including a 44.2% year-over-year increase in Snohomish County.

With more homes competing for attention, listings that sit without an offer can lose ground faster than they did a year ago.

2. San Jose-Sunnyvale-Santa Clara, California

Price cuts are accelerating quickly in San Jose-Sunnyvale-Santa Clara. Just 16.4% of listings had a reduction, lower than many metros in the ranking, but that rate rose 4.6 percentage points from a year earlier.

Santa Clara County data show more signs of cooling. The Santa Clara County Association of Realtors reported that the median single-family home price fell 4% year over year in September, while homes took a little longer to sell.

That combination makes San Jose especially notable: price cuts are still relatively uncommon, but they’re increasing quickly in one of the country’s highest-priced housing markets.

1. Salt Lake City-Murray, Utah

Salt Lake City-Murray takes the top spot by a wide margin. One-third of listings, 33.6%, had a price reduction, and that rate rose 6.9 percentage points from a year earlier, the largest increase among all 50 metros analyzed.

Salt Lake County data show buyers taking more time. The median home went under contract in 34 days, about 13% longer than in the previous three-month period, while September single-family home sales were down 18% from a year earlier. The market still had just 3.4 months of supply.

That’s what sets Salt Lake City-Murray apart from the rest of the ranking. Supply is still relatively tight, but buyers are taking longer and fewer sales are closing, leaving more sellers to reconsider prices that may have worked in a hotter market.

What agents say sellers are getting wrong

The increase in price cuts across these metros reflects a broader challenge for sellers: getting the price right from the start. In HomeLight’s Fall 2026 Top Agent Insights survey, 80% of agents said accurate pricing is more important than it was a year ago.

Agents also see a disconnect between seller expectations and current market conditions. Nearly half, 47%, said multiple showings without an offer are a sign that a home may be priced too high. And when a listing is not generating serious interest, 83% recommended making a significant change within four weeks rather than continuing to wait.

“A seller must price into the energy of the market. If there is no energy in the first two or three weeks on market, then there is a price versus product discrepancy,” says Regan Beegle, a HomeLight Elite Agent serving Newport Beach, California.

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What the price-cut rankings mean for sellers

The metros where home sellers are cutting prices fastest are not necessarily weak housing markets. Some still have rising home prices or relatively limited supply. What they share is a growing number of sellers lowering their asking prices as buyer demand, inventory, and expectations change.

For homeowners getting ready to sell, that makes local pricing especially important. HomeLight’s Agent Match can connect sellers with top-performing agents who know what comparable homes are actually selling for in their area.

Sellers who also need to buy their next home may have another option. HomeLight’s Buy Before You Sell program allows eligible homeowners to use equity from their current home toward their next purchase, then sell after moving, which can give them more flexibility to price the home for current market conditions rather than around a tight moving deadline.

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