There was a time when open houses were packed, homes drew multiple offers on listing day, and buyers wrote love letters to sellers hoping to beat the competition. Now the balance has tipped. The share of home sellers cutting their asking price has hit a record for this time of year, according to Redfin, which calls it a strong buyer’s market.
More than one in five U.S. home sellers with active listings cut their asking price in the four weeks ending Sept. 20. At 21.1%, that was the highest share for this time of year since Redfin began tracking it in 2022.
