How long before your listing price is cut?

April 14, 2011 04:46PM

The average home in Chelsea’s 10011 zip code spends 77 days on the market before its first price reduction, at which point an average of 5 percent is chopped off the listing price (the nationwide average is 79 days). The probability of another price cut after that is 41 percent. But in zip code 10018, most of which is considered Hell’s Kitchen, the price-chopping happens much more quickly. Just 55 days pass, on average, before a listing there sees the first cut to its asking price, which averages around 6 percent. Trulia.com has mapped out data on price cuts for every zip code in the country in an effort to educate buyers and sellers. Click here to find yours on the interactive map. TRD


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