14 Markets With the Most Sellers Slashing Home Prices

Homeowners who have been reluctant to sell their homes are beginning to do an about-face, according to new research from Zillow.

As mortgage rates soared over the past couple of years, many homeowners put off selling. They were reluctant to give up mortgages with ultra-low rates, a legacy of the days before home loan costs exploded.

However, some of these folks may have grown tired of waiting for mortgage rates to plunge.

A recent Zillow survey of homeowners found that 21% of homeowners are thinking about selling within the next three years. A year ago, it was just 15%.

In a summary of the findings, Skylar Olsen, Zillow chief economist, says:

“Fortunately, rate lock appears to be wearing off for some homeowners, who show encouraging signs that they’re ready to come back to the market.”

In fact, some homeowners have become so eager to sell that they are taking aggressive steps to close the deal. Zillow says these are the markets with the most home sellers slashing prices.

Tampa, Florida

Share of home listings in this metro area with a price cut: 23.3% as of December

Zillow Home Value Index for this metro area: $374,283 as of December

In the late 19th century, the cigar industry came to Tampa in a big way. At its peak, 500 million cigars were produced here in a single year.

During that era, cigar magnate Vicente Martinez Ybor needed a way to house workers. So, he ordered homes that could be assembled in a week, which became the forerunners to today’s prefabricated homes.

Indianapolis

Share of home listings in this metro area with a price cut: 21.8% as of December

Zillow Home Value Index for this metro area: $266,000 as of December

By some accounts, the first loaves of sliced bread appeared on store shelves in Indianapolis. Wonder Bread made its debut here in 1921.

Wonder Bread earned its moniker after an executive at the Taggart Baking Co. was filled with “wonder” while enjoying the International Balloon Race at the Indianapolis Speedway.

Salt Lake City

Share of home listings in this metro area with a price cut: 20.8% as of December

Zillow Home Value Index for this metro area: $524,982 as of December

Everyone knows about the Loch Ness Monster, but Nessie isn’t the only mysterious beast that lurks beneath the waters of a lake.

In Salt Lake City, locals have occasionally reported seeing the North Shore Monster in the Great Salt Lake. The first recorded sighting was in 1847.

Louisville, Kentucky

Share of home listings in this metro area with a price cut: 20.4% as of December

Zillow Home Value Index for this metro area: $244,786 as of December

In 1884, star baseball player Pete Browning of the Louisville Eclipse was in a slump. He asked woodworker John Andrew “Bud” Hillerich for a new bat.

The bat Hillerich crafted instantly broke Browning’s slump, helping him to three hits in his next game. Thus, the Louisville Slugger — the most famous baseball bat in the world — was born.

San Antonio

Share of home listings in this metro area with a price cut: 20.3% as of December

Zillow Home Value Index for this metro area: $280,461 as of December

Not only is San Antonio home to the famed Alamo — originally called the Mission San Antonio de Valero — but you will find four more Spanish colonial missions in this Texas city: Mission San Jose, Mission Espada, Mission San Juan Capistrano and Mission Concepcion.

Dallas

Share of home listings in this metro area with a price cut: 20.3% as of December

Zillow Home Value Index for this metro area: $363,613 as of December

Dallas is the ninth-largest city in the U.S., but just the third-largest in Texas. The populations of both Houston and San Antonio top the number of people in Big D.

Orlando, Florida

Share of home listings in this metro area with a price cut: 20.2% as of December

Zillow Home Value Index for this metro area: $386,525 as of December

The city of Orlando is home to more than 100 lakes. One of them — Lake Eola — is actually a huge sinkhole reaching a depth of 80 feet.

Columbus, Ohio

Share of home listings in this metro area with a price cut: 20% as of December

Zillow Home Value Index for this metro area: $297,299 as of December

If you love to network, Columbus is a great place to be. The capital city of Ohio is within a 10-hour drive of nearly half of the people in the U.S. and one-third of the folks in Canada.

Other markets with a lot of price cuts

Here are some additional markets where a large percentage of homeowners are offering price concessions in hopes of moving their properties:

• Jacksonville, Florida: 19.9%
• Nashville: 19.8%
• Phoenix: 19.7%
• Raleigh, North Carolina: 19.5%
• Oklahoma City: 19.4%
• Baltimore: 19.0%