Let’s take our monthly look at which cities and towns have the most price reductions.
The following charts show the percent of MLS, FSBO or REO listings that were price-reduced at some point before leaving the market (either sold or removed unsold from the market) in the past 90 days. Cities/towns or neighborhoods in which the number of homes taken off the market was too small to provide believable estimates are excluded from ranking.
For those that are interested, I have uploaded the full data set in Excel format here. The downloadable Excel file also includes charts showing the top ten cities/towns/neighborhoods with the least reduced-price listings.
First up are the top ten cities with the most price-reduced listings:
Of the 161 cities/towns we ranked in the Boston area this month, 89 had price-reduced ratios of fifty percent or more.
Getting a little more granular, let’s look at the top ten Boston area neighborhoods for price reductions:
Of the 56 neighborhoods we ranked in the Boston area this month, 9 had a price-reduced ratio of fifty percent or more. On average, the neighborhoods with more price reductions had lower closed prices per square foot.
The general trend in Boston looks to be heading slightly toward less price reductions, however every city and neighborhood is of course different.