1 in 5 Sellers Are Dropping Their Asking Prices as Homes Spend More Time on the Market
Homebuyer demand is falling at a steady pace, and as a result, a growing number of sellers are being forced to reduce their asking prices
Sept. 7, 2022
Image: Stock.adobe.com
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.
