Home sellers in these 19 cities—led by Phoenix—are making major price cuts to attract buyers in today’s shifting market.
As seen on MoneyTalksNews.com, February, 2025.
Homebuyers are gaining negotiating power as more sellers cut prices across the U.S. In January, 22.8% of listings saw price reductions—the highest for that month since 2018, according to Zillow. Elevated mortgage rates continue to limit affordability, pushing sellers to adjust expectations and offer concessions to get deals done.
Phoenix leads the trend, with 33.5% of homes reducing their asking price—the highest share among major U.S. markets. The shift points to a more balanced market, where buyers have more options—and more leverage—than they’ve had in years.
According to Trevor Halpern, CEO of Halpern Residential, that leverage is showing up directly in negotiations: “Buyers have a little bit of negotiating power … when they’re negotiating on a purchase, and a lot of that comes down to incentives.”