Nearly 1 in 3 Sellers Cut Prices in These 10 Big Metros. Here’s What a Cut Is Worth at 7%
Salt Lake City, Indianapolis, Denver and Portland led October's price cuts. We ran the payment math on what a cut is worth at 7.18%.
In October, close to 1 in 3 sellers in Salt Lake City, Indianapolis, Denver and Portland had to cut their asking price. That’s according to Realtor.com’s October 2026 housing report. Across the country, 20.5% of listings had a price cut. These 10 big metros were well above that. We worked out what a typical cut is worth to a buyer at today’s 7.18% mortgage rate.
- Most price cuts in October 2026: Salt Lake City (31.8% of listings), Indianapolis (31.7%), Denver (30.9%), Portland (30.6%) and Phoenix (29.5%).
- Fewest cuts: New York (12.6%), Buffalo (13.0%), Hartford (14.2%), San Francisco (15.0%) and Miami (15.5%).
- What $10,000 off is worth: about $61 a month and around $22,000 over a 30-year loan (10% down, 7.18%).
- A 3% cut on a Denver median-priced home saves about $103 a month, or roughly $37,000 over the life of the loan.
Why so many sellers are blinking right now
Buyers have gone quiet. In Realtor.com’s October report, homes under contract were down 10.5% from a year earlier. Active listings were up 7.4%. The national median list price slipped 2.2% to $415,000.
Redfin’s data for the four weeks ending Nov. 1 tells the same story. Pending sales hit the lowest level in Redfin’s records, and 21.2% of listings had a price drop.
The reason isn’t a mystery. Freddie Mac’s weekly survey put the average 30-year fixed rate at 7.18% on Nov. 5. A year earlier it was 6.22%. Higher rates shrink what buyers can pay, so homes sit longer and some sellers have to come down.
The 10 big metros where sellers cut prices most
This table lists the 10 metros (out of the 50 largest) with the highest share of price-reduced listings in October. We added our own monthly payment math for a buyer of a median-listed home. The math assumes 10% down and a 30-year fixed loan at 7.18%, principal and interest only.
| Metro | Listings with a price cut | Median list price | Monthly P&I (10% down) | A 3% cut saves / month | …over 30 years |
|---|---|---|---|---|---|
| Salt Lake City | 31.8% | $559,000 | $3,408 | $102 | $36,800 |
| Indianapolis | 31.7% | $305,000 | $1,860 | $56 | $20,100 |
| Denver | 30.9% | $564,900 | $3,444 | $103 | $37,200 |
| Portland, OR | 30.6% | $580,000 | $3,536 | $106 | $38,200 |
| Phoenix | 29.5% | $475,000 | $2,896 | $87 | $31,300 |
| Columbus, OH | 27.6% | $370,000 | $2,256 | $68 | $24,400 |
| Charlotte | 27.1% | $419,900 | $2,560 | $77 | $27,600 |
| San Antonio | 27.0% | $319,900 | $1,950 | $59 | $21,100 |
| Raleigh | 26.8% | $445,000 | $2,713 | $81 | $29,300 |
| Dallas-Fort Worth | 26.4% | $419,900 | $2,560 | $77 | $27,600 |
Price-cut share and median list price: Realtor.com, October 2026. The payment and savings columns are our own calculations. The 3% cut is an example, not the average cut in each metro. Taxes, insurance and HOA dues are not included.
And the 5 metros where sellers are holding firm
At the other end, sellers barely budged. Price cuts were rare in New York (12.6% of listings), Buffalo (13.0%), Hartford (14.2%), San Francisco (15.0%) and Miami (15.5%). Buffalo and Hartford are older Northeast markets that have stayed tight on supply for years. In San Francisco, active listings were actually down 7.8% from a year ago. If you’re shopping in these places, don’t count on haggling a lot off the asking price.
What a price cut is really worth (the $10,000 rule)
Here’s a handy shortcut from our math. At 7.18% with 10% down, every $10,000 off the price cuts your monthly principal and interest by about $61. Over 30 years that adds up to roughly $22,000 less paid. Part of that is the $9,000 you borrow less, and the rest is interest you never pay on it.
What this means for you
- If you’re buying in one of the top-10 metros: look at a home’s price history. A home that has been cut once and has sat 60+ days often has a seller ready for another round, or for closing-cost help. Realtor.com says the national median listing now spends 63 days on market.
- If you’re a first-time buyer: the same seller dollars can come as a price cut or as a credit toward a rate buydown. At 7% rates, the buydown often lowers the monthly payment more, at least for the first years. Run both on our mortgage calculator and buydown calculator before you decide what to ask for.
- If you’re selling: price right from day one. In these metros, buyers can see every cut, and a listing that chases the market down often sells for less than one priced right the first week.
- If you’re waiting: a price cut doesn’t help much if rates jump again. Our mortgage rate forecast page tracks where the big forecasters see rates going.
Want to know what a cut does to your budget? Plug the new price into the home affordability calculator. If you’re shopping over the holidays, our guide to turning holiday price cuts into a lower payment compares a price cut with a seller credit, dollar for dollar.
FAQ
Which big U.S. metro has the most price cuts right now?
In Realtor.com’s October 2026 report, Salt Lake City had the highest share of listings with a price reduction (31.8%). Indianapolis (31.7%) and Denver (30.9%) were just behind.
Are home prices falling nationally?
Slightly. Realtor.com’s median list price was $415,000 in October, down 2.2% from a year earlier. Redfin’s median sale price was $388,604 for the four weeks ending Nov. 1, down 0.4% from a year earlier, its third straight weekly decline.
How much does $10,000 off the price save me each month?
At a 7.18% 30-year fixed rate with 10% down, about $61 a month in principal and interest. That’s roughly $22,000 over the full loan term.
Is it better to ask for a price cut or a seller credit?
A price cut lowers your loan and your payment for the life of the loan. A credit lowers your cash at closing, and some buyers use it to buy down their rate. Which one wins depends on how long you’ll keep the loan and how much cash you have. Run both scenarios before you make an offer.
Sources: Realtor.com October 2026 Monthly Housing Report; Redfin housing market update, four weeks ending Nov. 1, 2026; Freddie Mac Primary Mortgage Market Survey, Nov. 5, 2026. Payment math by Keys & Coffee. This article is general education, not financial advice. Keys & Coffee is not a lender.
Written by
Shivam Kaushik· IMSHIVA
Founder & Director, QuibbleTech Solutions Pvt Ltd · Editor, Keys & Coffee
Shivam Kaushik is the founder of QuibbleTech Solutions Pvt Ltd and the editor of Keys & Coffee. He is not a licensed loan officer or financial adviser. Every guide here is written in plain English and checked against official sources such as the CFPB, HUD, Fannie Mae, Freddie Mac and the Federal Reserve. For advice on your own loan, talk to a licensed lender.
Keys & Coffee is an independent education site. We are not a lender or mortgage broker, we do not take loan applications or payments, and nothing here is financial advice. This site is not affiliated with Axia Home Loans, Axia Financial, LLC, or Planet Home Lending. Rates and rules change often — always confirm details with a licensed loan officer and check any lender on the NMLS Consumer Access site.
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