Executive Brief

• Sellers who cut their original listing price before selling averaged $33,483 reductions before selling.
• Nearly two-thirds of closings were below list price.
• Buyers also secured an average $18,700 discount under listing.
• Only 15% of homes sold above list, while 21% sold at list.
• The market is increasingly buyer driven, with concessions now standard.

Buyers Exerting more Power is a Clear Trend

The August housing market underscored a clear trend: sellers who cut their asking price ended up trimming deep, and most buyers negotiated even more savings before closing.

Price Reductions Before Sale

Among homes that made price adjustments, the average drop from the original list price to the final listing price was $33,483. That figure shows how meaningful reductions have become for sellers who need to move their property in today’s slower, more competitive environment. It’s the second time this year reductions have been north of $30,000.

Sales Outcomes vs. Listing Price

When it came time to close, sales broke down this way:

• Below list: 64.6%
• At list: 20.7%
• Above list: 14.7%

This shows that while most sellers had to negotiate below asking, a smaller share still held firm or even attracted offers above list.

The Size of Buyer Discounts

For the homes that sold under list, buyers secured significant additional concessions:

• Average discount: $18,700 below the final listing price
• Median discount: $10,000
• Average percentage discount: 5.6% below asking

Agents’ Market Conditions Reaction

Agent reactions and assessments of August conditions vary. Some report they are very busy, while others say the market is noticeably slower as buyers sit back and wait for interest rates and home prices to ease.

Buyers increasingly say prices look inflated, which makes them cautious about jumping in. On the selling side, reductions have become necessary to get deals done, and in the higher price ranges, even after price drops, homes are lingering on the market longer than expected.

Bottom Line

Together, these trends show a market where discounts are now standard practice. Sellers who reduce their prices are averaging cuts of more than $33,000, and in two out of three transactions, buyers still negotiate further markdowns. The result is a housing market that favors buyers, with negotiation power stretching from the first listing adjustment through the closing table.

Categories: CORE DATA