If you’ve been waiting for sellers to come down on price, some already have. In San Antonio, 28.2% of active listings have had a price cut. Nine other big metros land between 23.9% and 26.6%, according to MoneyLion, all above the 20.2% national figure in Best Interest Financial’s July report. Four of the 10 share a state. The same research cautions that buyer leverage could fade.
What Changed for Sellers
In the early 2020s, cheap mortgages often had buyers paying well past asking. That has flipped. The average 30-year mortgage rate briefly dipped below 6% in February, then climbed as high as 7.4% in October, its highest level in nearly three years, the Associated Press reported. Higher rates have stalled sales. Sellers who can pull their listing are generally doing so, and those who can’t are under pressure to lower their price.
The Wider Picture
Across the 50 most populous U.S. metros, homes typically sold below list price in 41, according to Best Interest Financial, and averaged 98.3% of list nationwide. Sellers still hold the edge in nine metros, most of them coastal, where homes continue to sell above list, among them San Francisco, San Jose, Hartford, Boston, New York, Milwaukee, Richmond, Providence and Chicago. None of those cities made this list.
Texas Takes Four Spots
Texas supplies four of the 10 metros: San Antonio, Austin, Dallas, and Houston. San Antonio leads every metro studied in price cuts, and the median home there spent 86 days on the market, 87 in Austin, versus 49 nationally. Houston’s homes averaged 96% of list, the second-lowest ratio studied, with Austin third at 96.59% and San Antonio fifth at 96.92%, so Texas takes three of the five lowest.
Over a Year to Sell
Liz Suder, a finance director in Murphy, Texas, about 20 miles outside Dallas, listed her house at $750,000 in April 2025. After several cuts and six months, she pulled it off the market, then relisted at $725,000 in February. A buyer recently agreed to pay $650,000, and Suder added $9,000 toward repairs. That is $100,000 under her first price. “I never expected it to take a full year,” she said.
Beyond Texas
The other six metros are scattered across six states. Indianapolis edges past Austin with 26.6% of listings cut, followed by Tampa at 26.4% and Raleigh at 26.1%, level with Dallas. Denver and Portland tie at 25.1%, and Phoenix rounds out the list at 23.9%. Average cuts run from 3.2% in Raleigh and Phoenix to 3.8% in Tampa, according to MoneyLion, while Best Interest Financial puts the national average at 4%.
When Cuts Don’t Mean Discounts
A high share of price cuts does not always mean homes sell far below asking, MoneyLion cautioned, because some sellers may be trimming overly ambitious list prices while competitive homes can still close at or above asking. Denver’s median sale price of $608,125 sat above its median list price of $577,517 by $30,608, and the same is true in Indianapolis, Dallas, and Raleigh.
Stuck Between Two Homes
Ethan Butner, a service manager in Troutdale, Oregon, about 16 miles east of Portland, already has an offer accepted on a larger home near the city. First, he has to sell his own. His house has been listed at $480,000 for more than two months, and a $30,000 cut drew one offer, which fell through. He recently replaced the flooring and installed a new water heater and dishwasher, hoping to improve its appeal.
Beyond the Asking Price
Price is only one lever. Real estate agents say sellers who stay listed are also being pushed to kick in thousands of dollars toward buyers’ costs. Higher rates have buyers pressing for money to buy down their mortgage rate, for a few years or for the life of the loan. Jake Krimmel, a senior economist at Realtor.com, said sellers are doing more now “to meet buyers halfway.”
How Long It Lasts
Price cuts eased in 31 of the 50 metros Best Interest Financial studied over the past year, while homes sold closer to list in 19. Buyer-friendly conditions are common in big metros but are not getting stronger. Cuts may not overcome the affordability hurdles keeping many shoppers out, the Associated Press noted. Sellers in these cities appear open to a deal, and shoppers who act sooner may find them more flexible than those who wait.
