If you are looking for a bargain on a home, some cities now offer the potential to get a 25% discount — or even more, according to Realtor.com.
Nationally, the median home price dipped by almost $5,000 in September and now sits at $425,000. Year over year, price reductions increased by 0.9% during the month.
As interest rates fall, both buyers and sellers are re-entering the market, according to Realtor.com. The number of homes for sale in September was 34% higher than the previous year, and the number of unsold homes has jumped 22.9%.
All of this means sellers who already have homes for sale are being forced to drop their asking price to remain competitive. The percentage of homes with price reductions nationally was 18.6% in September, up from 17.7% one year ago.
In a summary of Realtor.com’s findings, senior economist Ralph McLaughlin cautions buyers not to become overconfident:
“However, this doesn’t mean buyers can get whatever they ask for and should be aware there is a fine line between respectable offers and insulting offers, the latter of which may cause a seller to not want to do business with a particular buyer.”
Still, bargains may be available, especially in the following cities where some prices are falling by 25% — or even more.
Phoenix, AZ
Home listings in this metropolitan area with a price cut: 25% as of October 2024
Median list price in this metro area: $532,000 as of October 2024
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.
Austin, TX
Home listings in this metropolitan area with a price cut: 25% as of October 2024
Median list price in this metro area: $556,000 as of October 2024
Forget MTV: Austin, the capital of Texas, is home to the nation’s longest-running music television program, “Austin City Limits.” It debuted in 1974, featuring a performance by Willie Nelson.
Denver, CO
Home listings in this metropolitan area with a price cut: 25.2% as of October 2024
Median list price in this metro area: $649,000 as of October 2024
Denver has fully earned its nickname as the Mile High City: A step on the Colorado Capitol marks the spot where the elevation is 5,280 feet — exactly 1 mile — above sea level.
Virginia Beach, VA
Home listings in this metropolitan area with a price cut: 25.9% as of October 2024
Median list price in this metro area: $649,000 as of October 2024
Virginia Beach more than lives up to its name: Its stretch of sand along the Atlantic Ocean rolls on for more than two dozen miles and is the longest pleasure beach in the world.
Washington, D.C.
Home listings in this metropolitan area with a price cut: 25.9% as of October 2024
Median list price in this metro area: $599,948 as of October 2024
Here’s a fun fact about the nation’s capital: George Washington never lived there. The White House was not completed until a year after the nation’s first president died.
Miami, FL
Home listings in this metropolitan area with a price cut: 26.2% as of October 2024
Median list price in this metro area: $525,000 as of October 2024
Miami is the only major U.S. city founded by a woman, a local businesswoman named Julia Tuttle. She did so by convincing a developer to extend the Florida East Coast Railroad deep into South Florida.
Minneapolis, MN
Home listings in this metropolitan area with a price cut: 26.4% as of October 2024
Median list price in this metro area: $432,500 as of October 2024
Minneapolis has a reputation as a bone-chilling place where residents suffer through brutal winters. So, perhaps it’s a little surprising that the city has more golfers per capita than any other in the U.S.
San Francisco, CA
Share of home listings in this metro area with a price cut: 27.4% as of October 2024
Zillow Home Value Index for this metro area: $997,500 as of October 2024
San Francisco’s iconic Golden Gate Bridge was not intended to be its present color. But when the steel for the bridge arrived painted in orange-red primer, consulting architect Irving F. Morrow decided to stick with it.
Riverside, CA
Home listings in this metropolitan area with a price cut: 28.1% as of October 2024
Median list price in this metro area: $599,000 as of October 2024
California’s citrus industry got its start in Riverside. The variety of orange known as the Washington navel was introduced to the city in the late 19th century, and you can still find one of the original trees at the intersection of Magnolia and Arlington Avenues.
San Jose, CA
Home listings in this metropolitan area with a price cut: 28.2% as of October 2024
Median list price in this metro area: $1,432,170 as of October 2024
At one time, San Jose, now the largest city in technology hub Silicon Valley, was the capital of California. State leaders gathered there in a two-story hotel, but it burned down in 1853. The following year, the Legislature moved to Sacramento, which officially became the capital.
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