Homeowners who price their homes appropriately are finding success in the housing market today, while those who overprice their properties struggle, according to new research from Zillow.
Well-priced homes are selling in an average of 29 days, while poorly priced homes linger and eventually lead to sellers cutting their asking price.
In fact, across the 50 largest U.S. metropolitan areas, 21% of sellers cut their prices in January 2024 in hopes of landing a buyer. Zillow refers to that number as “elevated.”
In a summary of the findings, Skylar Olsen, Zillow chief economist, says:
“Some of the homes loitering on the market may just need the right buyer and digital curb appeal to cast a wider net, but many may be overpriced. There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses.”
Zillow says these are the markets where the most home sellers slashed prices in January.
Tampa, Florida
Share of home listings in this metro area with a price cut: 33% as of January
Zillow Home Value Index for this metro area: $372,230 as of January
In the late 19th century, the cigar industry came to Tampa in a big way. At its peak, 500 million cigars were produced in this Florida city in a single year.
During that era, cigar magnate Vicente Martinez Ybor needed a way to house workers. So, he ordered homes that could be assembled in a week, which became the forerunners to today’s prefabricated homes.
Phoenix
Share of home listings in this metro area with a price cut: 31% as of January
Zillow Home Value Index for this metro area: $447,681 as of January
Yes, Arizona’s capital is in the desert, but that doesn’t mean the region is bone-dry: You can find six lakes within a 75-minute drive of downtown Phoenix.
Jacksonville, Florida
Share of home listings in this metro area with a price cut: 28% as of January
Zillow Home Value Index for this metro area: $350,296 as of January
The southernmost battle of the Revolutionary War took place in Jacksonville.
What became known as the Battle of Thomas Creek unfolded in the spring of 1777. Efforts to protect the historic site are still underway today.
Dallas
Share of home listings in this metro area with a price cut: 27% as of January
Zillow Home Value Index for this metro area: $367,702 as of January
Dallas is the ninth-largest city in the U.S., but just the third-largest in Texas. The populations of both Houston and San Antonio top the number of people in Big D.
Orlando, Florida
Share of home listings in this metro area with a price cut: 27% as of January
Zillow Home Value Index for this metro area: $388,255 as of January
The city of Orlando is home to more than 100 lakes. One of them — Lake Eola — is actually a huge sinkhole reaching a depth of 80 feet.
San Antonio, Texas
Share of home listings in this metro area with a price cut: 27% as of January
Zillow Home Value Index for this metro area: $282,784 as of January
Not only is San Antonio home to the famed Alamo — originally called the Mission San Antonio de Valero — but you will find four more Spanish colonial missions in this Texas city: Mission San Jose, Mission Espada, Mission San Juan Capistrano and Mission Concepcion.
Nashville
Share of home listings in this metro area with a price cut: 26% as of January
Zillow Home Value Index for this metro area: $427,168 as of January
Nashville locals love fried bologna sandwiches and “meat ‘n’ threes,” for which customers pick one meat out of an array of choices and three vegetable side dishes. Those “vegetables” can include items such as hush puppies and mac-and-cheese.
The Tennessee capital made the list in “America’s 10 Best Travel Destinations for Foodies in 2024.”
Oklahoma City
Share of home listings in this metro area with a price cut: 25% as of January
Zillow Home Value Index for this metro area: $226,803 as of January
The first parking meter in the world sprang up on the streets of Oklahoma City, Oklahoma, on July 16, 1935. Dubbed the Park-o-Meter, it required drivers to pay a nickel an hour to park.
Salt Lake City
Share of home listings in this metro area with a price cut: 25% as of January
Zillow Home Value Index for this metro area: $524,480 as of January
Everyone knows about the Loch Ness Monster, but Nessie isn’t the only mysterious beast that lurks beneath the waters of a lake.
Locals have occasionally reported seeing the North Shore Monster in the Great Salt Lake, a saltwater lake near Salt Lake City, Utah. The first recorded sighting was in 1847.
Indianapolis
Share of home listings in this metro area with a price cut: 25% as of January
Zillow Home Value Index for this metro area: $269,013 as of January
By some accounts, the first loaves of sliced bread appeared on store shelves in Indianapolis. Wonder Bread made its debut in Indiana’s capital city in 1921.
Wonder Bread earned its moniker after an executive at the Taggart Baking Co. was filled with “wonder” while enjoying the International Balloon Race at the Indianapolis Speedway.
Other markets with a lot of price cuts
Here are some additional markets where a large percentage of homeowners are offering price concessions in hopes of moving their properties:
- Atlanta, Georgia: 24% of home listings in this metro area saw a price cut in January
- Columbus, Ohio: 24%
- Houston, Texas: 24%
- Louisville, Kentucky: 24%
- Miami, Florida: 24%
- Raleigh, North Carolina: 24%
- Cincinnati, Ohio: 23%
- Pittsburgh, Pennsylvania: 23%
- Charlotte, North Carolina: 22%
- Memphis, Tennessee: 22%
- New Orleans, Louisiana: 22%
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