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 228 cities/towns we ranked in the DC area this month, 176 (77%) had price-reduced ratios of fifty percent or more. Only Beltsville carried over from last month’s top ten to this month.
Getting a little more granular, let’s look at the top ten DC area neighborhoods for price reductions:
Of the 130 neighborhoods we ranked in DC area this month, 60 (46%) had a price-reduced ratio of fifty percent or more. On the neighborhood level, slightly more of the top ten list remained the same, with Hampden taking the top spot two months in a row.
At the neighborhood level, there is definitely some consistency in the number of homes seeing price reductions. If finding a good deal on a home is important to you, these neighborhoods might be a good place to start, as higher ratios of reduced-price homes indicate sellers that need to sell and are willing to lower the price to do so.