Black Friday is just around the corner, and even in a market correction, home shoppers can expect big discounts, according to Zillow. The majority of sellers cut prices on Thursdays, making Thanksgiving a good time to get in the game, especially for price reductions of up to 3% of the list price, which is nearly $11,000 on the typical home.
The share of listings with a price cut is highest from the beginning of July to the middle of September due to a seasonal slowdown in home sales toward the end of the year, but buyers could still see big discounts as they regain bargaining power in a housing correction.
Home shoppers in Buffalo can snag the biggest bargains, where the typical price cut was 4.6% in September 2022, $11,291 off the original list price. Pittsburgh and Cleveland were close behind with a typical price cut of 4.2% and 4.0% respectively. Shoppers in Phoenix are going to see smaller reductions, where the typical price cut was 2.3% – but now that prices have risen roughly 43% from 2019, that 2.3% carries a larger punch. Close behind are Jacksonville and Denver with a typical price cut of 2.4%.