Which Neighborhoods Have the Fastest Price Reductions?

Here’s a fun set of data. Redfin data engineers have dug deep into our market databases to find out which neighborhoods have the fastest price reductions.

For listings with more than one price drop, we calculated the time between each price drop. Then, for each neighborhood, we calculated the median average number of days between successive price drops for listings. Neighborhoods with fewer than 20 reduced-price listings were excluded from the calculation.

Here’s a chart of the top ten neighborhoods with the fastest price reductions:

For those readers that are interested to know which neighborhoods had the slowest price drops, feel free to download the full data set in Excel 2007 format.

None of the neighborhoods with the fastest price reductions made this month’s top ten neighborhoods with the most price-reduced listings. On average, 37% of listings taken off the market in the Chicago neighborhoods with the fastest price reductions had experienced price reductions.

On average, neighborhoods where price reductions happen the fastest in the Chicago area had slighly lower prices both in terms of median price and price per square foot. The average median sold price per square foot of the top ten neighborhoods with the fastest price reductions was $163, while the ten neighborhoods with the slowest price reductions had an average median sold price of $215 per square foot.