Zillow discovers surprise home price trend buyers jump on | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

For many Americans, Black Friday conjures images of retail shoppers running frantically through store aisles in search of half-off TVs and other merchandise.

While nobody expects to see a house for-sale sign with a “50% off” tag hanging from it in front of a home on the market, history does show that late November can be a surprisingly smart time to buy.

With fewer buyers braving the holiday season, sellers often sweeten real estate deals.

Zillow has now revealed recent data showing some of the steepest price cuts in years. While homebuyers won’t be seen on the evening news walking out of an open house with new keys in a shopping bag, in 2025 Black Friday might just deliver a discount worth celebrating.

“The typical U.S. listing saw $25,000 in cumulative price cuts in October, matching the largest discounts Zillow has ever recorded,” the real estate technology company reports.

Late fall can be a great time to buy a home, Zillow explains.

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Zillow unveils fall 2025 home-price cuts

Here is a brief summary of Zillow’s findings on price reductions homebuyers are finding for fall 2025:

In October, the average U.S. home listing experienced a total of $25,000 in price reductions, equaling the largest discounts Zillow has documented.
Standard price cuts hover around $10,000, but repeated markdowns are increasingly frequent as properties remain on the market longer. Sellers generally have enough equity to lower prices while still securing gains.
Compared to typical home values, the deepest discounts are occurring in cities such as Pittsburgh, New Orleans, and Austin.
More modest reductions are found in lower-cost markets like St. Louis, Louisville, and Indianapolis, where quicker sales leave sellers with less incentive to adjust asking prices.

Zillow explains late-2025 housing market trends

This fall, buyers are encountering some of the sharpest markdowns in the housing market in years.

The average listing saw cumulative reductions of about $25,000 in October — tying the largest discounts the company has ever recorded and giving patient shoppers a rare chance at relief from sky‑high prices, according to the Zillow report.

The trend points to a market gradually rebalancing. Sellers are adjusting expectations in real time, acknowledging that affordability challenges are shaping buyer behavior while still leaving room for profit after a cut.

The typical one‑time reduction remains close to $10,000, but with homes lingering longer on the market, repeated price drops are becoming more common as conditions tilt toward buyers, Zillow explained.

“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 Kara Ng, Zillow senior economist. “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.”

More on homebuying:

Results point to the pace at which evolving housing conditions are forcing buyers and sellers to rethink their strategies.

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,” Zillow wrote.

Zillow: Largest home-price cuts are in expensive housing markets

The largest median price reductions from original listing values are showing up in some of the country’s priciest housing markets, Zillow clarified.

San Jose leads with cuts averaging $70,900, followed by Los Angeles ($61,000), San Francisco ($59,001), New York ($50,000), and San Diego ($50,000).

In more affordable metros, smaller dollar reductions can translate into bigger percentage savings for buyers.

Pittsburgh illustrates this clearly: a $20,000 drop amounts to roughly 9% of the area’s typical home value, the steepest relative discount among major markets. New Orleans also averages a 9% markdown, while Austin (8.4%), Houston (8.2%), and San Antonio (7.9%) trail close behind.

On the opposite end, some cities have seen only modest adjustments. Sellers in Oklahoma City ($15,000), Louisville ($15,000), St. Louis ($15,100), Indianapolis ($16,000), and Detroit ($17,100) offered the smallest cumulative reductions 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,” Zillow wrote.

Top home-price cuts by U.S. metro area

In October 2025, across the United States, 26.9 percent of listings had a price cut, with the median cumulative reduction at $25,000 and the median individual cut at $10,000, according to Zillow.

Los Angeles posted steep markdowns, with typical listings reduced by $61,000 and individual cuts averaging $30,000. About 23.9 percent of homes saw a price adjustment.
San Jose, Calif. saw that sellers trimmed a median of $70,900 from asking prices, and 26.9 percent of listings were affected.
San Francisco had cumulative reductions of $59,001 and individual cuts around $25,000. Roughly 30 percent of listings were discounted.
New York City showed cumulative discounts of $50,000, with individual cuts averaging $26,000. Just 16.7 percent of listings saw reductions, reflecting a more selective market.
San Diego matched New York in overall markdowns, with $50,000 in cumulative cuts and $25,000 per adjustment, affecting 26.9 percent of listings.
Miami offered cumulative discounts of $30,100, with individual reductions averaging $14,000. About 21.5 percent of homes were repriced.
Boston recorded cumulative cuts of $49,900, with individual markdowns near $25,000. Roughly 26.9 percent of listings were adjusted.
Washington, D.C. saw cumulative reductions of $25,100, with individual cuts averaging $15,000. Nearly 29 percent of listings were repriced.
Atlanta had cumulative discounts of $25,000, with typical individual cuts of $10,000. About 31.5 percent of homes were affected.
Dallas showed similar numbers, with $25,000 cumulative reductions and $10,000 individual cuts, but a higher share of listings at 33.8 percent.
Houston posted cumulative markdowns of $24,900, with individual cuts near $10,000. About 28.9 percent of listings were repriced.
Philadelphia recorded cumulative discounts of $20,100, with individual cuts averaging $10,000. Roughly 27.1 percent of homes were adjusted.
Chicago had cumulative reductions of $20,000, with individual cuts of $10,000, affecting 30.3 percent of listings.