1 in 5 Sellers Are Dropping Their Asking Prices as Homes Spend More Time on the Market

For the first time in over 17 months, the average home sold for less than its list price during the four-week period ending August 28, according to CNBC. One in five sellers dropped their asking price in August, sending the median list price to $435,000 from $449,000 in July.

Not only are homes selling with cheaper price tags, but they’re also lingering on the market for far longer than they were during the mid-pandemic homebuying boom. For-sale homes in August spent an average five days longer on the market than they did a year ago.

Homes are simply not selling at the breakneck pace they were six months ago, when strong demand butted up against tight supply, bidding wars were the norm, and a seller could often get a signed contract in under a weekend. Homes in August sat on the market an average five days longer than they did a year ago — the first annual increase in time on the market in more than two years.

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