March data shows the largest share of price reductions since 2019 with 34 out of the 50 largest metros showing an uptick in drops
"Sellers are starting to warm up to the current environment, wading into the market in increasing numbers despite market mortgage rates that are likely above their existing rate, if they have a mortgage. As a result, data shows surprisingly competitive pricing trends among sellers, especially in the lead up to this year's Best Time to Sell, which Realtor.com ® reported will be between
List of the 10 Metro (TSX:MRU) Areas with Largest Share of Price Reductions of Total Inventory
Tampa -St. Petersburg-Clearwater , Fla. “ 27.6%Phoenix -Mesa -Chandler, Ariz. “ 23.0%Austin -Round Rock -Georgetown, Texas “ 22.3%Jacksonville, Fla. “ 22.1%San Antonio -New Braunfels, Texas “ 21.8%Orlando -Kissimmee -Sanford, Fla. “ 20.2%Portland -Vancouver -Hillsboro, Ore. -Wash. “ 20.1%Miami -Fort Lauderdale -Pompano Beach, Fla. “ 19.7%Dallas-Fort Worth -Arlington, Texas “ 19.5%Memphis, Tenn. -Miss.-Ark. “ 19.3%
Across the country, price reductions were up compared with last year. In the South it was up 3.5 percentage points, +1.0 percentage points in the Midwest, +0.5 percentage points in the Northeast, and +0.2 percentage points in the West.
Sellers Turned Out as Home Listing Activity Continued to Climb
Between
Median
The national median list price increased from
Metric | Change over | Change over |
Median listing price | +0.2% (to | +38.9 % |
Active listings | +32.5 % | -37.7 % |
New listings | +16.5 % | -17.2 % |
Median days on market | -2 days (to 50 days) | -15 days |
Share of active listings with price reductions | +2.2 percentage points (to 15.0%) | +0.0 percentage points |
Additional details and full analysis of the market inventory levels, price reductions, fluctuations and stabilization can be found in the Realtor.com ® March Monthly Housing Report.
Metro Area | Median Listing Price | Median Listing Price YoY | Median Listing Price per Sq. Ft. YoY | Active Listing Count YoY | New Listing Count YoY | Median Days on Market | Median Days on Market Y-Y (Days) | Price Reduced Share | Price Reduced Share Y-Y (Percentage Points) |
Tampa-St. | 2.2 % | 3.0 % | 58.3 % | 29.3 % | 51 | 0 | 27.6 % | 8.3 pp | |
Ariz. | 7.1 % | 4.1 % | 16.9 % | 9.7 % | 49 | -1 | 23.0 % | -2.0 pp | |
Austin-Round Rock- | 0.0 % | 2.0 % | 15.8 % | 19.0 % | 40 | -11 | 22.3 % | -4.5 pp | |
Fla. | 3.9 % | 4.6 % | 38.6 % | 22.1 % | 47 | -5 | 22.1 % | 4.6 pp | |
San | -1.9 % | -1.4 % | 36.8 % | 16.9 % | 57 | 2.5 | 21.8 % | 3.1 pp | |
Fla. | -0.4 % | 2.0 % | 53.3 % | 14.6 % | 54 | 1 | 20.2 % | 6.2 pp | |
Ore.-Wash. | -1.6 % | 2.2 % | 26.7 % | 7.7 % | 45 | 1.5 | 20.1 % | 9.7 pp | |
Miami-Fort | -8.4 % | -3.6 % | 48.2 % | 16.6 % | 58 | -2 | 19.7 % | 5.5 pp | |
Dallas-Fort Worth- | -0.5 % | 1.4 % | 38.0 % | 16.7 % | 40 | -5.5 | 19.5 % | 3.5 pp | |
Tenn.-Miss.-Ark. | 2.5 % | 2.3 % | 38.2 % | 16.1 % | 51 | -1.5 | 19.3 % | 4.8 pp | |
Tenn. | 6.0 % | 6.9 % | 9.3 % | 3.6 % | 32 | -3 | 18.8 % | 0.6 pp | |
New | -0.3 % | -0.5 % | 27.7 % | -4.8 % | 67 | 9 | 17.8 % | -0.6 pp | |
City, Okla. | -8.3 % | -1.5 % | 22.9 % | 17.4 % | 45 | -5.5 | 17.2 % | 5.2 pp | |
Colo. | -5.4 % | 2.6 % | 48.1 % | 19.4 % | 30 | 3.25 | 17.2 % | 4.1 pp | |
Houston-The Woodlands- | 0.7 % | 1.3 % | 23.5 % | 20.1 % | 43 | -3.5 | 16.7 % | 2.4 pp | |
N.C.-S.C. | 2.1 % | 5.8 % | 19.9 % | 1.2 % | 38 | -3.5 | 16.5 % | 4.1 pp | |
Ind. | 5.5 % | 5.8 % | 23.5 % | 8.3 % | 42 | -4.25 | 16.2 % | 2.6 pp | |
Springs- | 0.0 % | 4.0 % | 22.1 % | 11.9 % | 41 | -5 | 15.7 % | 2.6 pp | |
| 0.8 % | 6.8 % | 20.2 % | 9.7 % | 29 | -0.5 | 14.2 % | 2.0 pp | |
Las Vegas-Henderson-Paradise, Nev. | 4.4 % | 5.8 % | -33.1 % | 8.4 % | 38 | -15 | 13.7 % | -6.4 pp | |
County, Ky.-Ind. | 2.3 % | 3.6 % | 14.5 % | 5.9 % | 40 | 4 | 13.6 % | 0.6 pp | |
Beach- | 4.8 % | 6.4 % | 14.3 % | 2.2 % | 34 | -4 | 13.2 % | 2.3 pp | |
Ala. | 4.0 % | 5.3 % | 27.6 % | 12.6 % | 50 | -1 | 13.1 % | -0.1 pp | |
Riverside-San Bernardino- | 7.1 % | 7.1 % | 7.5 % | 15.2 % | 47 | -7 | 13.0 % | 0.4 pp | |
Pa. | 11.6 % | 9.9 % | 10.8 % | 1.3 % | 55 | -9 | 12.9 % | 0.8 pp | |
Md. | -3.8 % | 2.4 % | 11.6 % | 6.5 % | 36 | -7 | 11.3 % | 1.1 pp | |
N.C. | 0.0 % | 5.9 % | 6.1 % | 18.1 % | 42 | -9.5 | 11.2 % | -1.5 pp | |
City, Mo.-Kan. | -6.6 % | -4.0 % | 8.1 % | 20.7 % | 51 | -19.75 | 11.2 % | 2.9 pp | |
| -4.7 % | 6.2 % | 28.1 % | 17.0 % | 37 | -1 | 11.1 % | 3.0 pp | |
Calif. | 1.3 % | 4.2 % | 16.9 % | 32.5 % | 36 | -6.5 | 11.1 % | 1.0 pp | |
Pa.-N.J.-Del.-Md. | 6.6 % | 7.2 % | -1.3 % | 1.6 % | 43 | -6.5 | 11.0 % | 0.0 pp | |
| 8.4 % | 9.2 % | 0.4 % | 2.4 % | 42 | -1.5 | 11.0 % | 1.5 pp | |
San | 5.1 % | 11.1 % | 26.3 % | 25.9 % | 32 | -5 | 10.9 % | 1.2 pp | |
St. Louis, Mo.-Ill. | 4.7 % | 4.8 % | 14.2 % | 4.9 % | 39 | -7.5 | 10.3 % | 0.8 pp | |
Mich. | 1.2 % | 1.7 % | 3.6 % | 4.1 % | 42 | -3.5 | 9.8 % | -2.3 pp | |
Mass.-N.H. | 6.9 % | 10.0 % | 0.9 % | 7.3 % | 24 | -4 | 9.7 % | 1.3 pp | |
Minneapolis-St. Paul- | -1.4 % | -0.2 % | 24.3 % | 16.8 % | 34 | -4 | 9.5 % | 2.3 pp | |
Va. | 11.8 % | 8.7 % | 8.8 % | -9.4 % | 44 | 3 | 9.1 % | 1.3 pp | |
Los Angeles-Long Beach- | 1150000 | 15.1 % | 8.1 % | 5.4 % | 17.8 % | 42 | -3.5 | 9.0 % | -0.4 pp |
Wash. | -2.7 % | 1.4 % | 20.3 % | 19.5 % | 29 | -3 | 8.7 % | -0.8 pp | |
DC-Va.-Md.- | 0.8 % | 6.6 % | 2.2 % | 3.2 % | 31 | -3 | 8.7 % | 0.9 pp | |
San Francisco- | -7.6 % | -1.2 % | 13.4 % | 21.7 % | 27 | -6.5 | 8.6 % | -0.3 pp | |
Wis. | -0.3 % | 5.2 % | 9.9 % | 12.4 % | 29 | -3.5 | 7.9 % | 0.7 pp | |
Ill.-Ind.-Wis. | 6.4 % | 7.3 % | -7.7 % | 2.0 % | 33 | -7 | 7.8 % | -1.8 pp | |
New York- | 8.8 % | 15.2 % | -4.3 % | 2.6 % | 50 | -5 | 6.8 % | -0.4 pp | |
Providence- R.I.-Mass. | -2.8 % | -1.7 % | 0.1 % | 12.1 % | 35.5 | -5.75 | 6.3 % | 0.6 pp | |
San Jose-Sunnyvale- | 1481000 | -0.9 % | 1.1 % | 2.2 % | 21.5 % | 22 | -5 | 5.8 % | -1.6 pp |
Buffalo-Cheektowaga, N.Y. | 9.7 % | 9.6 % | 4.2 % | 3.7 % | 38 | -6.5 | 5.3 % | -0.3 pp | |
Hartford-East | -0.7 % | 4.7 % | 6.1 % | 6.5 % | 37 | 8 | 5.1 % | 0.6 pp | |
N.Y. | 8.7 % | 7.1 % | -4.0 % | 9.0 % | 22 | -2 | 4.3 % | -2.5 pp |
Methodology
The Realtor.com housing report is based on data from
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