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Home buyers see record discounts just in time for Black Friday
SEATTLE, Nov. 24, 2025
The typical U.S. listing saw $25,000 in cumulative price cuts in October, matching the largest discounts Zillow has ever recorded
- Typical price cuts remain near $10,000, but multiple reductions are becoming more common as homes take longer to sell. Most sellers have the equity to trim prices and still profit.
- Relative to typical home values, the largest discounts are seen in Pittsburgh, New Orleans and Austin.
- The smallest discounts are in affordable markets like St. Louis, Louisville and Indianapolis, where faster sales give sellers less reason to cut their list price.
SEATTLE, Nov. 24, 2025 /PRNewswire/ -- Home shoppers this fall are seeing some of the steepest price cuts in years. A new Zillow® analysis shows that the typical listing received cumulative discounts totaling $25,000 in October — matching the biggest discounts Zillow has tracked and offering a sliver of an opening for patient buyers waiting for relief from record-high costs.
These deeper discounts reflect a housing market slowly finding balance. Home sellers are recalibrating their expectations on the fly, recognizing that affordability pressures are weighing on today's buyers — and that they can still turn a profit after a price cut. The typical size of an individual price cut has barely budged in recent years, holding near $10,000. But with listings taking longer to move, sellers are increasingly trimming prices more than once as they adjust to a more buyer-friendly market.
"Most homeowners have seen their home values soar over the past several years, which gives them the flexibility for a price cut or two while still walking away with a profit," said Zillow Senior Economist Kara Ng. "These discounts are bringing more listings in line with buyers' budgets, and helping fuel the most active fall housing market in three years. Patient buyers are reaping the rewards as the market continues to rebalance."
These results underscore how quickly the rebalancing housing market is changing strategies for both buyers and sellers. Home sellers say the most valuable service an agent provides is help pricing their home and understanding the local market, according to the Zillow Consumer Housing Trends Report. From a buyer's perspective, clear visibility into these price adjustments helps them make informed decisions as conditions continue to shift.
The biggest median discounts from initial list price appear in some of the nation's most expensive markets: San Jose ($70,900), Los Angeles ($61,000), San Francisco ($59,001), New York ($50,000) and San Diego ($50,000).
But in markets where homes cost less to begin with, smaller cuts can represent a bigger relative discount for buyers. In Pittsburgh, for example, a typical markdown of $20,000 equals about 9% of the metro's typical home value — the largest relative discount among major markets. New Orleans homes are also typically discounted by 9% of the metro's typical home value, with buyers in Austin (8.4%), Houston (8.2%) and San Antonio (7.9%) seeing the next-best deals.
At the other end of the spectrum are metros where sellers haven't had to budge much on price. Oklahoma City ($15,000), Louisville ($15,000), St. Louis ($15,100), Indianapolis ($16,000) and Detroit ($17,100) recorded the smallest cumulative discounts in October. In all but Oklahoma City, homes are selling faster than the national average and listings tend to be newer, signs of steady demand and sellers who don't need to discount as deeply to attract a buyer.
| Metro Area* | Share of Listings with a Price Cut (October 2025) | Median Cumulative Price Cut (October 2025) | Median Individual Price Cut (October 2025) |
| United States | 26.9 % | $25,000 | $10,000 |
| New York, NY | 16.7 % | $50,000 | $26,000 |
| Los Angeles, CA | 23.9 % | $61,000 | $30,000 |
| Chicago, IL | 30.3 % | $20,000 | $10,000 |
| Dallas, TX | 33.8 % | $25,000 | $10,000 |
| Houston, TX | 28.9 % | $24,900 | $10,000 |
| Washington, DC | 28.8 % | $25,100 | $15,000 |
| Philadelphia, PA | 27.1 % | $20,100 | $10,000 |
| Miami, FL | 21.5 % | $30,100 | $14,000 |
| Atlanta, GA | 31.5 % | $25,000 | $10,000 |
| Boston, MA | 26.9 % | $49,900 | $25,000 |
| Phoenix, AZ | 34.5 % | $24,700 | $10,000 |
| San Francisco, CA | 22.4 % | $59,001 | $36,000 |
| Riverside, CA | 23.4 % | $30,000 | $15,000 |
| Detroit, MI | 29.4 % | $17,100 | $10,000 |
| Seattle, WA | 33.4 % | $41,000 | $23,002 |
| Minneapolis, MN | 29.9 % | $20,000 | $10,000 |
| San Diego, CA | 28.8 % | $50,000 | $25,000 |
| Tampa, FL | 32.3 % | $25,000 | $10,000 |
| Denver, CO | 36.2 % | $30,000 | $14,098 |
| Baltimore, MD | 31.0 % | $20,900 | $10,000 |
| St. Louis, MO | 29.0 % | $15,100 | $10,000 |
| Orlando, FL | 28.5 % | $24,000 | $10,000 |
| Charlotte, NC | 31.0 % | $24,100 | $10,000 |
| San Antonio, TX | 29.9 % | $21,786 | $10,000 |
| Portland, OR | 32.1 % | $31,901 | $15,000 |
| Sacramento, CA | 29.2 % | $30,900 | $15,050 |
| Pittsburgh, PA | 31.4 % | $20,000 | $10,000 |
| Cincinnati, OH | 32.9 % | $20,000 | $10,000 |
| Austin, TX | 29.6 % | $36,000 | $15,000 |
| Las Vegas, NV | 30.4 % | $24,900 | $10,000 |
| Kansas City, MO | 32.9 % | $20,000 | $10,000 |
| Columbus, OH | 35.1 % | $20,000 | $9,991 |
| Indianapolis, IN | 37.9 % | $16,000 | $9,000 |
| Cleveland, OH | 29.1 % | $18,010 | $10,000 |
| San Jose, CA | 22.6 % | $70,900 | $49,000 |
| Nashville, TN | 33.8 % | $28,500 | $10,099 |
| Virginia Beach, VA | 25.5 % | $19,100 | $10,000 |
| Providence, RI | 25.9 % | $30,400 | $20,000 |
| Jacksonville, FL | 29.6 % | $25,000 | $10,000 |
| Milwaukee, WI | 23.7 % | $20,000 | $10,000 |
| Oklahoma City, OK | 31.1 % | $15,000 | $6,000 |
| Raleigh, NC | 37.6 % | $22,000 | $10,000 |
| Memphis, TN | 30.5 % | $18,000 | $9,650 |
| Richmond, VA | 30.7 % | $20,000 | $10,000 |
| Louisville, KY | 33.6 % | $15,000 | $9,100 |
| New Orleans, LA | 23.9 % | $22,900 | $10,000 |
| Salt Lake City, UT | 37.3 % | $25,000 | $10,000 |
| Hartford, CT | 20.9 % | $25,100 | $15,800 |
| Buffalo, NY | 21.7 % | $20,000 | $10,000 |
| Birmingham, AL | 24.3 % | $17,500 | $10,000 |
*Table ordered by market size
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated real estate professionals, and easier buying, selling, financing, and renting experiences.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.
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SOURCE Zillow
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