November (belated) City/Neighborhood Price Reductions

Let’s have another 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 (as of 11.16.2009). 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:

Chicago-PR-Cities-Most_2009-11

Of the 171 cities/towns we ranked in the Chicago area this month, 123 had price-reduced ratios of fifty percent or more. The median price-reduced ratio was 54.5%.

Getting a little more granular, let’s look at the top ten neighborhoods for price reductions:

Chicago-PR-Neighborhoods-Most_2009-11

Of the 93 neighborhoods we ranked this month, 43 had a price-reduced ratio of fifty percent or more. The median price-reduced ratio was 48.4%.

Download the full spreadsheet to check where your neighborhood came in (assuming your neighborhood had enough sales to be ranked).