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Price cuts are on the rise throughout the nation, according to a new report from listings portal Zillow.
In the Boston metro area, 26.9 percent of residential listings in October received a price cut, the same percentage as the national average. The region saw a median cumulative price cut of $49,900, among the largest in the nation.
The company announced last week that nearly 21 percent of Greater Boston homes – a class that Zillow says includes both single-family houses and condominiums – lost their value in October, according to its in-house Zestimate home value algorithm, while 54 percent of all homes lost value on a year-over-year basis nationwide.
The share of price cuts in Greater Boston was up from 21.1 percent of all residential listings in October of 2024.
The company didn’t include statistics for other Massachusetts housing markets in its most recent analysis, but said that in the Greater Hartford, Connecticut area 20.9 percent of listings received a price cut in October. The median cumulative price cut was $25,100, similar to the national average. The share of listings with a price cut in October 2024 was 19.4 percent.
“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,” Zillow senior economist Kara Ng said in a statement. “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.”
The typical U.S. listing saw $25,000 in cumulative price cuts in October, matching the largest discounts Zillow has ever recorded.
While price cuts are on the rise, when homes do sell they are still fetching a large amount. The median Massachusetts single-family sale price increased 2.4 percent on a year-over-year basis to $630,000 in October according to The Warren Group, publisher of Banker & Tradesman. In Connecticut, the median sale price increased from $405,000 to $445,000, a 9.9 percent jump.
