11 housing markets with the most sellers falling in price

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After years of watching prices climb higher and higher, homebuyers are finally getting some good news: sellers in some cities are starting to sweat.

In fact, in a relative handful of markets, at least 20% of home sellers have recently lowered their asking price, according to Redfin.

Price cuts “are becoming more common,” especially in many places that were historically affordable before the recent price spike, the real estate brokerage says.

Here are the markets where the largest percentage of listings are now showing asking prices that were reduced in April 2022.

10. Portland, Oregon (tie)

Houses in Portland, Oregon
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Homes for sale in this market with a price drop: 28%

Rising real estate prices in Portland have made it difficult to find affordable housing. Renting is no picnic either, as it is one of the “15 cities with the highest rents”.

So those buying new digs in Portland are likely relieved to see so many sellers cut their asking price.

10. Provo, Utah (tie)

House in Provo Canyon, Utah
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Homes for sale in this market with a price drop: 28%

In January, the Deseret News suggested that people who recently bought homes in Provo and other Utah towns “may have paid too much.”

Are the recent price drops in Provo a sign that the newspaper was right? Time will tell us.

9.Indianapolis

Winter scene homes in Indianapolis, Indiana
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Homes for sale in this market with a price drop: 28.2%

Last year, Rick Palacios Jr., director of research for John Burns Real Estate Consulting, told the IndyStar that housing prices in Indianapolis had reached a “crazy peak.” He predicted a cooling trend in 2022.

Recent price declines in Indiana’s capital indicate that his predictions may have been accurate.

8. Odgen, UT

Oden, UT
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Homes for sale in this market with a price drop: 28.4%

According to researchers from Florida Atlantic University and Florida International University, homebuyers in Ogden paid an average of 64.73% more than they should for homes.

With more than a quarter of sellers lowering their asking prices, it looks like what went up in Utah must now come down.

6. North Port, Florida (tie)

Homes in Gulf Cove, Florida near North Port
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Homes for sale in this market with a price drop: 29.6%

Home prices and rents are skyrocketing all over Florida. Ken. H. Johnson, an economist at Florida Atlantic University College of Business, told Boca Raton magazine that the current spike in the cost of living does not bode well for the future:

“We want an immediate solution to this problem, but there is none. There is going to be a countdown to this latest housing crisis.

6. Philadelphia (tie)

Philadelphia neighborhood houses
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Homes for sale in this market with a price drop: 29.6%

Competition for housing in Philadelphia is so fierce that bidding wars are breaking out – between tenants.

A Philadelphia-area resident applied for more than 30 rental units and didn’t land one, according to a report from the Philadelphia Inquirer.

Perhaps a drop in asking prices from Philadelphia sellers signals that relief is on the way for buyers and renters.

5. Sacramento, California

Houses in Sacramento, California
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Homes for sale in this market with a price drop: 29.9%

Sacramento’s housing market remained hot, with one local appraiser and analyst describing it as “completely bananas,” local NBC affiliate KCRA reports. But it looks like a cooling trend is starting to set in for prices in the California capital.

4. Baton Rouge, Louisiana

House in Baton Rouge, Louisiana
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Homes for sale in this market with a price drop: 31%

Like many places in the United States, housing prices have risen in Baton Rouge as sales have fallen. A lack of inventory to sell has driven prices steadily higher.

However, that trend could ease, with price drops on nearly a third of listings in the Louisiana state capital in April.

3. New Orleans

Houses in New Orleans, Louisiana
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Homes for sale in this market with a price drop: 31.6%

Life in the Big Easy has been anything but easy if you’re a homebuyer trying to find something affordable. But price cuts are becoming more frequent here too.

Are you looking for a new home? Stop by the Money Talks News Solution Center and search for a great mortgage rate.

2. Cape Coral, Florida

Cape Coral, Florida
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Homes for sale in this market with a price drop: 32.5%

The Fort Myers/Cape Coral area is one of the most overvalued markets in the country, with prices 56.26% higher than they should be, according to researchers from Florida Atlantic University and Florida International University.

Here too, nearly a third of sellers are finally reducing their asking prices.

1. Boise, Idaho

Boise, Idaho district
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Homes for sale in this market with a price drop: 40.8%

No state has been more popular recently than Idaho. As we reported, the Gem State experienced by far the highest population growth among US states in 2021.

All of these incoming residents have pushed prices up in Boise, the state’s capital and largest city. But that may have been too much, too soon – just over 40% of sellers are now lowering their asking price in Boise.

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