Top 5 US housing markets where home prices are dropping right now
Realtor.com said sellers are trimming prices as demand softens, with Phoenix at 29% of listings and Tampa at 25% in April.
- Realtor.com's April 2026 Monthly Housing Report identified Phoenix-Mesa-Chandler leading U.S. metros with 29% of listings carrying price cuts, well above the national average of 16.7%.
- Beneath the national trend of declining price cuts, pandemic-era boomtowns in the Sun Belt and Mountain West continue struggling with widespread discounts after explosive pandemic growth and rapid cooling since 2023.
- Tampa-St. Petersburg-Clearwater, Florida follows at 25%, while San Antonio, Denver, and Portland round out the top five at 25%, 24%, and 24% respectively. Realtor.com senior economist Jake Krimmel said price reductions reflect "part unrealistic expectations and part wishful thinking."
- Nationally, 16.7% of homes carried price reductions in April, down from 17.9% last year, though four of five top markets excluding Portland saw fewer discounts than the prior year.
- Regional variations persist: the South and West show 18.8% and 17.9% price cuts versus tighter Northeast and Midwest markets at 10.2% and 13.4%, as Krimmel noted sellers have internalized buyer-friendly conditions and adjusted expectations before listing.
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Phoenix, Tampa top list of housing markets with the most price cuts
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Homebuyers are seeing more inventory, moderating prices and longer time on market this spring, but affordability challenges and renewed mortgage rate volatility continue to weigh on the housing market, according to a new report from Realtor.com.The company's spring 2026 housing market progress report found active listings continued to rise nationwide this year, extending a multi-year recovery in inventory levels from pandemic-era lows. April mar…
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