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Go Where the Bidding Wars Aren't: Here's Where to Start


Jun 08, 2021 by Marc Rapport
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This is not the reality in every market, however. Some cities where housing is plentiful and easy to build -- like Houston -- or where demand is lower -- Rust Belt metros like Pittsburgh and Dayton -- are still seeing substantial price cuts after homes come on the market. In contrast, cuts are almost nonexistent in some other areas where the inverse is true.
Metro Share of Listings With a Price Cut Median Price Cut (%) Median Price Cut ($) Median Home Value
Chicago 17.9% 2.4% $7,350 $257,400
Louisville-Jefferson County, Kentucky 16.9% 2.7% $5,322 $195,880
Indianapolis 16.8% 2.5% $5,475 $199,721
Pittsburgh 16.4% 3.3% $6,344 $175,315
Houston 16.3% 2.3% $7,810 $229,957

Data source: Stessa.com, from Zillow data.

Metro Share of Listings With a Price Cut Median Price Cut (%) Median Price Cut ($) Median Home Value
Ogden, Utah 7.9% 2.3% $9,994 $371,978
Boise City, Idaho 7.5% 2.1% $8,908 $381,759
Urban Honolulu 7.4% 3.0% $14,186 $739,690
Stockton, California 7.2% 2.4% $10,072 $423,916
El Paso, Texas 6.0% 2.3% $5,006 $147,524

Data source: Stessa.com, from Zillow data.