New York leads markets with discounted house listings

Among the nation’s largest housing markets, no city saw more sellers blink on price last November than New York.

In the New York metro area, 3.6 percent of home listings were marked down during the month, the highest share among the 25 most populous U.S. markets, according to data from Zillow. 

The listings platform determines this share by first determining the number of properties with list prices at the end of the month that were lower than their prices at the start of the month. Then it divides this figure by the number of properties with an active listing at some point during that month.

New York’s share was flat compared to the month before, when it also ranked No. 1 on this metric. However, this percentage has edged down over the past year. In November 2024, 3.8 percent of listings saw price drops.

The decline in the share of discounted listings in New York comes even as home values in the city have risen. In November, the typical home value in the metro region hit $699,394, up 3 percent year over year, according to Zillow data.

Nationwide, 2.72 percent of homes had their prices discounted in November, essentially flat compared to both the month and year before. Zillow’s data goes back to 2018, and it shows that New York has always had a greater share of listings with price cuts than the rest of the country. 

Both nationally and in New York, price cuts peaked in April 2022, as the U.S. was emerging from the throes of the pandemic-era buying spree and as mortgage rates were rising, hampering demand.

Behind New York, San Francisco and Detroit in November also held on to their spots with the second- and third-highest shares of discounted listings.

Meanwhile, the top-25 market with the lowest share of listings with price drops was Phoenix, the 11th-most populated city in the country. Just 1.8 percent of listings had their prices reduced in the city in November. However, that share was up from 1.74 percent from the same time last year.