Where Are the Most Home Price Cuts This Fall?

In the fall, price cuts are a routine part of the market. More than one in four (26.3%) listings had a cut in August, edging up half a percentage point compared to a year ago.

Because there are more homes for sale than there were last year and mortgage rates are approaching highs not seen since early 2025, sellers are working harder to stand out. But price cuts aren’t evenly distributed throughout the country. 

"Buyers in some markets may have more options and more negotiating power than they've had in years," says Zillow Chief Economist Mischa Fisher. "For sellers, it's a reminder to price against your own market rather than the national headline, because the home that sells is the one priced for the buyers who are shopping today."

What is a price cut?

Put simply, a price cut is when a seller lowers the listing price on a home that's already for sale. When you see a price cut on Zillow, it could tell you a few things:

• The home sat on the market longer than expected.
• The home drew fewer offers than the seller hoped.
• The original price was above what buyers in that market are willing to pay. 

Price cuts are also more common when the market cools and there are more homes for sale than buyers to go around. Also, just like with the weather, many housing markets cool in the fall and winter. 

What can a seller offer instead of a price cut?

A lower price isn't the only way a seller might try to make a listing more appealing. Buyers may be able to negotiate — or sellers may already advertise — to cover part of the closing costs or pay to bring the mortgage rate down. 

These concessions can shrink a buyer’s monthly payment without changing the listing price at all. If you’re buying, it never hurts to ask your agent what the seller might be open to. 

Top and bottom five from the 50 largest metros, August 2026

This chart shows the share of listings with a price cut in the five metros with the highest share and the five with the lowest, out of the 50 largest U.S. metros, compared with the national share of 26.3% for August 2026.

What do fall price cuts mean for buyers?

By fall, many homes on the market have lingered since summer. Sellers who haven't found a buyer yet often lower their listing price, hoping to sell before the winter months, when transaction volume is typically at an ebb. 

With fewer shoppers competing this time of year, you may have more room to negotiate. A cut doesn't automatically make a home a bargain, though. Some sit because they were initially priced higher than the market would pay, and others because of something about the home you'd want to look into first. Sellers may also cut their price as a deliberate strategy in an attempt to attract multiple interested buyers and induce a bidding war that pushes the sale price above asking. 

What to do:

• Save the home on Zillow and turn on alerts to catch price changes as they happen.
• Ask the listing agent how long the home has been on the market and whether the price has changed before.
• Compare the new price to what nearby homes recently sold for.

What do fall price cuts mean for sellers?

If your home has been listed since summer without an offer, fall is when you may want to change your strategy. Buyer traffic thins out through the holidays, so the pool of people who might consider your home gets smaller each week. 

Many sellers respond by lowering the listing price. One meaningful cut usually looks better than a string of small ones, which can give the impression that your home’s been sitting. A price change isn't your only lever, though — some sellers cover closing costs or buy down a buyer's mortgage rate.

What to do:

• Check your home's Zestimate to see how the market has moved since you listed.
• Ask your agent what feedback buyers gave after tours, and what's sold nearby in the past month.
• Weigh a closing cost credit or rate buydown alongside a price change.

What percentage of homes have price cuts in my city?

Here’s the share of listings with a price cut in the top 50 largest metropolitan areas. Salt Lake City, with the highest rate in the U.S., shows more than twice the share compared to New York City. 

Disclaimer: This article includes forward-looking statements based on current expectations and assumptions about housing market conditions, which are subject to change, and actual outcomes may differ materially due to economic, market, and other factors.

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