Buyers looking to buy a home without stretching their budget have the best chance of finding bargains in markets where sellers are repeatedly lowering their asking prices.
Realtor.com® researchers identified 10 major metros—mostly concentrated in the well-served South and West—where listings are often downgraded at least three times.
Austin, TX, tops the list, with 22.2% of listings active on Realtor.com in January having their prices reduced at least three times since the properties first went up on the market.
For context, that is almost double the national share of 10.7%.
However, Vaike O’GradyOpen MLS research consultant in Austin, notes a caveat to these findings.
“We have to remember that Austin went through an epidemic-related housing crisis, where housing prices went up because of incredible demand, including massive out-of-state migration,” O’Grady told Realtor.com. “Now that we are past that period of inflation, it will take time for the ‘correct’ price to emerge.”
O’Grady says the increase in price reductions also shows that “home sellers are finally coming to terms with how the general market feels.”
The Texas state capital’s high frequency of price reductions reflects its position as an inventory-rich municipality and one of the nation’s leading consumer markets.
An analysis of recent real estate data from Realtor.com revealed that in November (latest sales data available), Austin had the second-highest month of supply among the 50 largest US metros, at 10.5 months, behind only Miami.
The months of supply metric shows how many months it will take for all homes listed in a given market (including pending listings) to sell at the current sales pace. When supply months are high, the market is good for buyers.
For home buyers, that means more choice and an expanded market.
“Active listings remain stable, offering buyers options at all price points, while prices are stable compared to last year’s levels,” O’Grady said. “In today’s environment, buyers have more room to negotiate and more time to make informed decisions, which creates a healthy dynamic for long-term home ownership.”
Texas and Florida lead the way in reducing the most rates
Another Texas municipality, San Antonio—dubbed Military City USA for being home to the massive Joint Base San Antonio—came in second for its share of the list with three or more rate cuts, at 22%.
Tampa, FL, had the third-highest percentage of price reductions, with just under 21% of listings boasting at least three price reductions, followed by Indianapolis, IN—the only Midwestern entry in the ranking—at 18.4%. Jacksonville, FL, rounded out the top five, with 17.8%.
“If there are no shows or offers, no matter what kind of marketing you do, it’s all about price, and these are sellers who sell because they need to, not because they’re testing the waters,” Dear Ameerreal estate agent at Coldwell Banker Vanguard Realty in Florida, tells Realtor.com. “Many are selling a second home/vacation property, relocating, or a senior downsizing/privileging or going into assisted living or a long-term rental.”
Ameer explains that many metros in Florida, including Tampa and Jacksonville, are now facing a post-pandemic adjustment fueled by higher borrowing costs, rising housing costs, HOA fees, and insurance premiums.
“These markets have enjoyed a period of rising prices fueled by the epidemic of buyers from high-cost areas, but in many areas, prices have been supported by the fact that interest rates have been low, otherwise these properties would not have reached the price levels they have reached,” said the agent. “It’s like a balloon slowly losing air.”
Other major metros that saw multiple rate cuts include Dallas (17.2%); Orlando, FL (16.9%); Portland, OR (16.6%); Phoenix (16.5%); and Denver (15.9%).
“It’s a ‘who’s who’ of consumer-friendly markets,” says a senior economist at Realtor.com. Jake Krimmel. “These are areas where housing demand is still low and property has been growing slowly.”
Looking at the top three metros on the list—Austin, San Antonio, and Tampa—the average home for sale in those markets has been waiting for a buyer for nearly three months since January.
In Austin, the median listing with an asking price of $455,000 remained unsold nearly 10 days longer than last year, while in Tampa the average $399,727 property stayed on the market for more than two weeks compared to January 2025, marking the biggest annual decline across the top 10 metros in the ranking.
To cut or to remove from the list, that is the question
For sellers in heavy, slow-moving markets, there are usually two options: They can lower their asking price to increase demand, or they can take their goods off the market and wait for conditions to improve in hopes of getting the price they want later.
Krimmel points out that while Austin is leading the way in the most price reductions, sellers are also opposed to delisting: From November to December 2025, nearly 9% of the city’s real estate was taken off the market, surpassing the national average of 7%.
According to O’Grady, however, new jobs, growing families, marriages, divorces, or downsizing all encourage people to move, and sellers increasingly understand that pricing is often more effective than waiting on the sidelines.
Krimmel agrees, noting that the high rate of price reductions indicates that sellers in buyer-friendly markets are “willing to wait out the market while they’re in the market, rather than delisting and trying to time their listings in the spring.”
This spells good news for buyers looking for their first or next home in 2026.
“If you are a buyer, this is an opportunity to buy property at a realistic price without the competition and pressure as it was before,” said Ameer. “Florida buyers benefit from more choices and, frankly, many properties have reduced their prices, which is unusual for this time of year.”
The agent predicts that come spring, as inventory begins to build, buyers will be “holding cards.”
