Published October 7, 2026 in Market Update

44% of Homes for Sale Have Already Cut the Price

By Johnny Quilenderino

Real estate, Market Analysis Export

I pulled every listing in this market through August 2026. One number stopped me cold. Of the 284 homes for sale right now, 125 of them have already dropped their price. That is 44%. Nearly half the sellers on the market today started at one number and had to move. The total dollars cut across those 125 homes: $4,186,509. The biggest single cut is $196,000, on Ratcliffe Manor. So the real question is not whether price cuts happen here. They do. The question is whether yours has to be one of them.

Homes that sold did not cut. Homes sitting right now did.

Here is the part that matters. Among the 926 lived-in homes that actually sold, the typical home got 100% of its last asking price. It also got 100% of what it first asked. No cut needed. The sellers who are cutting right now did not price where buyers said yes. They priced where buyers said no, waited, and then moved.

The typical cut is $25,000. That is 3.6% of the first asking price. Sellers who had to get there did it with extra days on the market before they moved. The cut is not the problem. The first price was.

The homes that gave up entirely tell the same story. Homes that came off the market with no sale at all first asked a typical $695,000. Homes that sold first asked a typical $789,000. That $94,000 gap is not a coincidence. Buyers in this market are not avoiding higher-priced homes. They are avoiding homes that are not priced right for what they are.

The under-$500K range is where price cuts hurt most.

Not every price range carries the same risk. In the under-$500K range, 25.7% of homes gave up entirely. That is more than 1 in 4. The $800K to $1M range had the lowest give-up rate at 9.3%. That tells you where buyers are most active and most decisive.

Sellers under $500K are not failing because buyers do not want those homes. They are failing because the gap between what sellers first asked and what buyers would pay is widest there. The typical sold price in that range was $385,000, against a sold-to-first-asking ratio of 98.8%. That means buyers negotiated. Sellers who did not leave room for that negotiation sat, cut, or gave up.

The $650K to $800K range tells a different story. Buyers there paid 100.6% of what sellers first asked. That means sellers in that range were pricing slightly under where buyers wanted to land, and buyers competed to get there. If you are priced in the $650K to $800K range and priced right, buyers are still competing.

Two homes in Hawthorne Village show exactly what pricing does.

Two homes in Hawthorne Village sold during this period. One on Kings Crown, 1,191 square feet, first asked $330,000 and sold in 5 days at $330,000 full price. One on Kingsbridge, 1,081 square feet, first asked $309,900 and sold in 147 days at $278,000. The second home asked less to start and got even less in the end, after 142 more days on the market. The first home priced where buyers already were. The second one did not.

This is not an unusual outcome. It is what the whole market shows, neighborhood by neighborhood. In Greenbriar, the typical home sold at 101.7% of its first asking price, meaning buyers competed. In Mantua, it was 100.4%. In Middleridge, 100.6%. In each of those neighborhoods, sellers who priced correctly did not need to cut.

Right now, 125 sellers are learning this the hard way.

Of the 284 homes for sale today, 125 have already dropped their price. The typical drop is $25,000. The biggest is $196,000, on Ratcliffe Manor.

The 30-year fixed mortgage averaged 7.28% as of October 1, 2026, according to Freddie Mac's weekly rate survey. A year before that it was 6.34%. That difference changes what a buyer can afford each month, and it changes how hard they will push on price.

What sellers and buyers should each do with this.

If you are selling, the number to focus on is not the 44% who cut. It is the sellers who did not have to. The 926 homes that sold got 100% of their first asking price. That does not happen by accident. It happens when the first price matches what buyers in your price range are already paying. A $25,000 cut sounds manageable until you add the extra days on market, the carrying costs, and the signal a price drop sends to every buyer who sees it. Price it right the first time and you never have to find out what a cut costs.

If you are buying, 125 sellers have already shown you they will move. The typical cut so far is $25,000, which is 3.6% of first asking price. On homes that have been sitting, there is room to negotiate. On homes priced in the $650K to $800K range that just came on, the data says buyers are competing and sellers are getting over asking. Those two situations call for completely different strategies. The National Association of Realtors reported that national housing supply hit 4.9 months in August 2026, which gives buyers more options than they had a year ago, but this market is not uniform: know which situation your target home is in before you write an offer.