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.
Both Indian Lake East and Upper Washington made this month’s top ten neighborhoods with the most price-reduced listings and the fastest price reductions.
On average, neighborhoods where price reductions happen the fastest seem to be those with lower prices, both in terms of overall median and per square foot. The average median sold price per square foot of the top ten neighborhoods with the fastest price reductions was $243, while the ten neighborhoods with the slowest price reductions had an average median sold price of nearly $400 per square foot.