Builder
About one out of four home sellers who listed their homes for sale since the outbreak of the coronavirus pandemic has priced them at discounts below pre-pandemic price levels, according to a new analysis of the nation’s 30 largest markets by Weiss Analytics.
Homes priced higher than $600,000 are more likely to be discounted than less expensive homes. Sellers of some 37% of houses worth over $600,000 have asking prices below their February values, with a median discount of 7.7%. The market share of higher-priced listings that are discounted has increased every week since the pandemic slowed real estate sales in March. New listings for these houses have outpaced sales by 3 to 1.
Markets with the highest percentage of new listings discounted since February are New York (34% of new listings), Baltimore (31% of new listings), and Los Angeles (30% of new listings).
