Canadian buyers may not be buying U.S. homes at in the past but the summer housing market is turning more buyer-friendly. That’s especially so in the South and the West, where all the metros ranked in Realtor.com’s trend report on homes selling for below asking price reside. Sellers are slashing their prices to offload properties in these areas, trying to enervate a housing market that has been sluggish in recent months due to a combination of surging supply and decreasing buyer demand.
“Sellers in these markets are often listing their homes at prices higher than the market can bear, and being forced to adjust when they don’t sell as quickly as hoped for,” explains Relator.com Senior Economist Joel Berner.
The Top Markets Where Home Buyers Might Want to Shop
Denver tops the list, with roughly one out of three listed homes in June coming with a price cut. The typical residential property lists for $609,950, down 3.6% compared with a year ago, and waited 45 days for a buyer last month, according to the latest housing market trends report.
While the Mile High City has led the nation in inventory recovery, with supply surging more than 88% from the pre-pandemic era, buyer demand has not kept pace. The result is a glut of unsold homes, forcing many sellers to slash prices.
Next up is Phoenix, whose median home price decrease 3% year-over-year, dropping down to $520,000. Nearly one-third of all listings had price reductions last month (the second-highest share among major U.S. metros).
The Valley of the Sun also had the nation’s highest absolute number of de-listings in May, with many local sellers opting to take their homes off the market. That’s a safety measure for the seller, who otherwise would have to compromise on the asking price in a climate of buyer wariness fueled by economic uncertainty and elevated mortgage interest rates.
But for some, cutting the asking price might be the only option left.
“Supply is outpacing demand in these markets, and sellers who don’t have the choice to delist because they have to move for life reasons are being forced to take less for their home than they anticipated,” said Berner.
Austin is in the same boat, coming in third on the list with inventory climbing nearly 70% compared with the city’s 2019 norms. Slower buyer demand means ATX saw its share of listings with price cuts reach 32.3% in June, the third-highest level in the U.S.
Tampa and Dallas ranked fourth and fifth, respectively, with the share of for-sale homes offering discounts topping 30% for both metros. The bottom half of the top 10 is filled out by Colorado Springs, Colorado; Jacksonville, Florida; Portland, Oregon; Salt Lake City, Utah; and Charleston, South Carolina.
Berner says that buyers can get a great deal, made even greater if they can buy with some cash to sidestep high mortgage rates.
“If mortgage rates fall, we expect buyer activity to pick back up and for price reductions to slow down,” he notes.
- Denver, Colorado
- Share of listings with price cuts: 33.7%
- Median listing price: $609,950
- Price change year-over-year (YoY): -3.6%
- Median days on market: 45
- Phoenix, Arizona
- Share of listings with price cuts: 33.2%
- Median listing price: $520,000
- Price change YoY: -3%
- Median days on market: 65
- Austin, Texas
- Share of listings with price cuts: 32.3%
- Median listing price: $524,950
- Price change YoY: -4.5%
- Median days on market: 58
- Tampa, Florida
- Share of listings with price cuts: 31.2%
- Median listing price: $419,000
- Price change YoY: -1.4%
- Median days on market: 48
- Dallas, Texas
- Share of listings with price cuts: 30.6%
- Median listing price: $440,000
- Price change YoY: -2.3%
- Median days on market: 50
- Colorado Springs, Colorado
- Share of listings with price cuts: 30.2%
- Median listing price: $515,000
- Price change YoY: -1.5%
- Median days on market: 43
- Jacksonville, Florida
- Share of listings with price cuts: 30.1%
- Median listing price: $408,995
- Price change YoY: -2.6%
- Median days on market: 67
- Portland, Oregon
- Share of listings with price cuts: 29.6%
- Median listing price: $615,000
- Price change YoY: -1.6%
- Median days on market: 49
- Salt Lake City, Utah
- Share of listings with price cuts: 28.8%
- Median listing price: $595,000
- Price change YoY: -1.2%
- Median days on market: 48
- Charleston, South Carolina
- Share of listings with price cuts: 28.5%
- Median listing price: $535,000
- Price change YoY: 1.1%
- Median days on market: 50
For the study, Realtor.com analyzed June 2025 housing data from the largest U.S. metros to identify the 10 markets boasting the highest shares of for-sale homes with price reductions.
Click here for more on Realtor.com’s report on metros with homes selling for below asking price.
