Home buyers see record discounts just in time for Black Friday

Rhea-AI Summary

Zillow (NYSE: Z) analysis on Nov 24, 2025 finds the typical U.S. listing received $25,000 in cumulative price cuts in October, matching the largest discounts Zillow has tracked.

Median individual price cuts remain near $10,000 and 26.9% of listings had at least one price cut in October. High-dollar metros saw the largest median cuts (San Jose $70,900, Los Angeles $61,000, San Francisco $59,001, New York $50,000), while Pittsburgh and New Orleans recorded the largest relative discounts (~9% of typical home value).

Positive

• Typical cumulative cut of $25,000 in October
• Individual cut size steady near $10,000
• Share of listings with cuts: 26.9% nationally
• Pittsburgh relative discount ~9% of home value

Negative

• San Jose median cut $70,900 (largest absolute markdown)
• San Francisco median cut $59,001 (large market markdown)
• Denver share of listings with cuts 36.2% (above national)

Insights

Housing market analyst

October listings showed record cumulative price cuts, increasing buyer leverage but leaving overall market implications mixed.

Median cumulative price cuts reached $25,000 nationally in October, matching Zillow’s largest recorded discounts, while the median individual cut held near $10,000. High-cost metros show the biggest nominal markdowns (for example, San Jose $70,900, Los Angeles $61,000, San Francisco $59,001), yet several mid‑priced metros register larger relative discounts (Pittsburgh and New Orleans at about 9% of typical values). These figures describe how sellers are iteratively lowering list prices as time on market lengthens, while many still retain enough equity to absorb cuts and remain profitable.

Key dependencies and risks include the pace at which listings continue to face multiple cuts and whether demand sustains current levels; faster sales in markets like St. Louis, Louisville and Indianapolis correlate with smaller cumulative cuts. The data alone does not disclose causes such as interest rates or inventory flows, so conclusions about broader price trajectories are limited to what the numbers show: higher incidence and size of cuts in some metros and steady, smaller cuts where sales remain quicker.

Watch the share of listings with price cuts and median cumulative cut over the next few months (for example changes from October to upcoming months) to judge persistence; monitor metros highlighted in the table for shifts in relative versus nominal discounts. Time horizon: short to medium term (weeks to several months) for observable market rebalancing, based strictly on the reported metrics.

The typical U.S. listing saw $25,000 in cumulative price cuts in October, matching the largest discounts Zillow has ever recorded

• Typical price cuts remain near $10,000, but multiple reductions are becoming more common as homes take longer to sell. Most sellers have the equity to trim prices and still profit.
• Relative to typical home values, the largest discounts are seen in Pittsburgh, New Orleans and Austin.
• The smallest discounts are in affordable markets like St. Louis, Louisville and Indianapolis, where faster sales give sellers less reason to cut their list price.

SEATTLE, Nov. 24, 2025 /PRNewswire/ -- Home shoppers this fall are seeing some of the steepest price cuts in years. A new Zillow® analysis shows that the typical listing received cumulative discounts totaling $25,000 in October — matching the biggest discounts Zillow has tracked and offering a sliver of an opening for patient buyers waiting for relief from record-high costs.

These deeper discounts reflect a housing market slowly finding balance. Home sellers are recalibrating their expectations on the fly, recognizing that affordability pressures are weighing on today's buyers — and that they can still turn a profit after a price cut. The typical size of an individual price cut has barely budged in recent years, holding near $10,000. But with listings taking longer to move, sellers are increasingly trimming prices more than once as they adjust to a more buyer-friendly market.

"Most homeowners have seen their home values soar over the past several years, which gives them the flexibility for a price cut or two while still walking away with a profit," said Zillow Senior Economist Kara Ng. "These discounts are bringing more listings in line with buyers' budgets, and helping fuel the most active fall housing market in three years. Patient buyers are reaping the rewards as the market continues to rebalance."

These results underscore how quickly the rebalancing housing market is changing strategies for both buyers and sellers. Home sellers say the most valuable service an agent provides is help pricing their home and understanding the local market, according to the Zillow Consumer Housing Trends Report. From a buyer's perspective, clear visibility into these price adjustments helps them make informed decisions as conditions continue to shift.

The biggest median discounts from initial list price appear in some of the nation's most expensive markets: San Jose ($70,900), Los Angeles ($61,000), San Francisco ($59,001), New York ($50,000) and San Diego ($50,000).

But in markets where homes cost less to begin with, smaller cuts can represent a bigger relative discount for buyers. In Pittsburgh, for example, a typical markdown of $20,000 equals about 9% of the metro's typical home value — the largest relative discount among major markets. New Orleans homes are also typically discounted by 9% of the metro's typical home value, with buyers in Austin (8.4%), Houston (8.2%) and San Antonio (7.9%) seeing the next-best deals.

At the other end of the spectrum are metros where sellers haven't had to budge much on price. Oklahoma City ($15,000), Louisville ($15,000), St. Louis ($15,100), Indianapolis ($16,000) and Detroit ($17,100) recorded the smallest cumulative discounts in October. In all but Oklahoma City, homes are selling faster than the national average and listings tend to be newer, signs of steady demand and sellers who don't need to discount as deeply to attract a buyer.

Metro Area*	Share of Listings with a Price Cut (October 2025)	Median Cumulative Price Cut (October 2025)	Median Individual Price Cut (October 2025)
United States	26.9 %	$25,000	$10,000
New York, NY	16.7 %	$50,000	$26,000
Los Angeles, CA	23.9 %	$61,000	$30,000
Chicago, IL	30.3 %	$20,000	$10,000
Dallas, TX	33.8 %	$25,000	$10,000
Houston, TX	28.9 %	$24,900	$10,000
Washington, DC	28.8 %	$25,100	$15,000
Philadelphia, PA	27.1 %	$20,100	$10,000
Miami, FL	21.5 %	$30,100	$14,000
Atlanta, GA	31.5 %	$25,000	$10,000
Boston, MA	26.9 %	$49,900	$25,000
Phoenix, AZ	34.5 %	$24,700	$10,000
San Francisco, CA	22.4 %	$59,001	$36,000
Riverside, CA	23.4 %	$30,000	$15,000
Detroit, MI	29.4 %	$17,100	$10,000
Seattle, WA	33.4 %	$41,000	$23,002
Minneapolis, MN	29.9 %	$20,000	$10,000
San Diego, CA	28.8 %	$50,000	$25,000
Tampa, FL	32.3 %	$25,000	$10,000
Denver, CO	36.2 %	$30,000	$14,098
Baltimore, MD	31.0 %	$20,900	$10,000
St. Louis, MO	29.0 %	$15,100	$10,000
Orlando, FL	28.5 %	$24,000	$10,000
Charlotte, NC	31.0 %	$24,100	$10,000
San Antonio, TX	29.9 %	$21,786	$10,000
Portland, OR	32.1 %	$31,901	$15,000
Sacramento, CA	29.2 %	$30,900	$15,050
Pittsburgh, PA	31.4 %	$20,000	$10,000
Cincinnati, OH	32.9 %	$20,000	$10,000
Austin, TX	29.6 %	$36,000	$15,000
Las Vegas, NV	30.4 %	$24,900	$10,000
Kansas City, MO	32.9 %	$20,000	$10,000
Columbus, OH	35.1 %	$20,000	$9,991
Indianapolis, IN	37.9 %	$16,000	$9,000
Cleveland, OH	29.1 %	$18,010	$10,000
San Jose, CA	22.6 %	$70,900	$49,000
Nashville, TN	33.8 %	$28,500	$10,099
Virginia Beach, VA	25.5 %	$19,100	$10,000
Providence, RI	25.9 %	$30,400	$20,000
Jacksonville, FL	29.6 %	$25,000	$10,000
Milwaukee, WI	23.7 %	$20,000	$10,000
Oklahoma City, OK	31.1 %	$15,000	$6,000
Raleigh, NC	37.6 %	$22,000	$10,000
Memphis, TN	30.5 %	$18,000	$9,650
Richmond, VA	30.7 %	$20,000	$10,000
Louisville, KY	33.6 %	$15,000	$9,100
New Orleans, LA	23.9 %	$22,900	$10,000
Salt Lake City, UT	37.3 %	$25,000	$10,000
Hartford, CT	20.9 %	$25,100	$15,800
Buffalo, NY	21.7 %	$20,000	$10,000
Birmingham, AL	24.3 %	$17,500	$10,000

*Table ordered by market size 

About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated real estate professionals, and easier buying, selling, financing, and renting experiences.

Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.

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SOURCE Zillow

FAQ

What did Zillow report about October 2025 price cuts for home listings (Z)?

Zillow reported the typical U.S. listing had cumulative price cuts of $25,000 in October 2025.

How common were price cuts in October 2025 according to Zillow (Z)?

About 26.9% of U.S. listings had at least one price cut in October 2025.

Which metros had the largest median cumulative price cuts in October 2025 (Z)?

San Jose $70,900, Los Angeles $61,000, San Francisco $59,001, New York $50,000.

Which metros showed the largest relative discounts to typical home value in October 2025 (Z)?

Pittsburgh and New Orleans recorded the largest relative discounts at about 9% of typical home value.

What is the typical size of an individual price cut reported by Zillow (Z) in October 2025?

The median individual price cut remained near $10,000 in October 2025.