Homebuyers who have been staying out of the market, waiting for prices to dip, may be running out of time to snap up that deal.

While the share of active listings carrying a price reduction remained elevated by historical standards at 16.7% in April, they are less common nationally than they were a year ago, suggesting that prices are settling where they need to be.

However, in several markets, price cuts remain common, led by Phoenix, where nearly a third of listings (29%) carried a price reduction last month. Phoenix was followed by Tampa, FL (25%), San Antonio, TX (25%), Denver (24%), and Portland, OR (24%).

“Put simply, homes are not moving in these markets,” says Realtor.com® senior economist Jake Krimmel. “That’s down in part due to ample supply but also anemic demand at current prices and interest rates.”

Phoenix and Tampa also topped the list of the major markets with the most price cuts in April 2025, with price cut incidences of 31.3% and 29.3%, respectively.

“Why are these metros continually topping this price cut list?” he asks. “It’s likely part unrealistic expectations and part wishful thinking, but price reductions do mean sellers are getting the message loud and clear.”

Of the markets with the most reductions, 4 out of 5 have seen fewer discounts than last year—indicating that perhaps a bottom is near.

Price reductions decrease nationally

With 16.7% of listings reduced last month, down from 17.9% a year earlier, sellers appear to be adjusting expectations upfront rather than testing the market with higher prices and cutting later, concludes the Realtor.com April 2026 Monthly Housing Report.

“[This year] has seen both fewer price cuts and lower median list prices, suggesting sellers have internalized the generally more buyer-friendly market conditions and are adjusting price expectations before rather than after listing,” explains Krimmel.

“This is consistent with survey findings showing that sellers expect to make more concessions even as they expect to be more likely to get their asking price,” he says.

The reductions seem to be working as median days on market came down 5.5 days from March—though they inched up two days year over year.

Discounts remain less common in the Northeast (10.2% of listings) and Midwest (13.4%), where inventory is tighter and demand higher, compared with the South (18.8%) and West (17.9%).

However, it is the South that saw its share of reductions lessen the most, with a 1.8% fewer share of prices cut than this time last year, slightly more than the national. The West is just behind at 1.1% smaller share of listings with cuts year over year.

Not coincidentally, these are the areas that have seen median list prices dip the most since April 2025, at -2.6% and -3.1% respectively, indicating that buyers are beginning to put their toes into the market as prices acclimate.

The Arizona market: No. 1 in price reductions

Paul Mosley of Epique Realty, who sells across Phoenix, Scottsdale, and Mesa, has several listings that have been discounted, including a 4,200-square-foot five-bedroom estate on 1 acre with a three-car garage and a multiple RV garage.

After only 16 days on the market, the price was sliced. “I’ve had half a dozen showings and three open houses,” he tells Realtor.com. “I’ve had a lot of people through—30 to 40 people.”

But with no bites, he reduced by $50,000 to $1.35 million so the property wouldn’t linger too long. “We’re priced to sell,” he says. “I’m not reducing it again.”

Mosley isn’t the only one in the metro area discounting prices.

Though share of cuts has gone down by 2.2% year over year, the area still has the country’s highest share of discounts, with a 29.1% share of listings cut in April.

While Mosley says the $1.35 million house is a little outdated—it could use a new coat of paint and newer bathrooms—there are a plethora of other reasons he feels this house, as well as others in the area, has stagnated. Year over year, median days on market have increased by five days, according to Realtor.com. 

Mosley points to several factors: Higher interest rates steady at 6.36% (though that could change soon), fears of inflation, and even the recent unusually high temperatures that kept people inside their air conditioned homes rather than driving to open houses in the grueling heat.

“March had several 100-degree-plus days,” he says. “That was not good for us.”

He also notes the high price of oil is hitting the area hard. “Everyone in Phoenix drives,” he says. “We’re not a public transportation city. We’re urban sprawl, way too spread out [to walk].”

He even points to the metro’s plethora of solar paneled roofs as another factor in slowed sales—the agent feels many of the leases are overpriced, and buyers are reluctant to take them over.

Then there’s the 55+ communities. Arizona is second only to Florida as the state with the most active adult communities, according to senior community resource 55Places.

“Those places are getting hammered [in prices],” Mosley says, explaining that older buyers tend to be “more conservative” and currently more wary about the economy and inflation.

Not to mention the seasonality of the senior market. “[Seniors] are here January, February, March, April,” he says. “After that, they’re gone. We hit 100 degrees? They’re out of here.”

His advice for sellers in this market?

“You’ve got to price it to sell,” he says. “Price it lower than you think. I’ve got a lot of people who want to test the higher end of the market, and they’re wrong.”

He tells of another listing, this one in Scottsdale, that he’s lowered from $3 million to $2.8 million even though the 4-year-old house is “turnkey, amazing, and beautiful.”

“If you want to sell your house now, you’ve got to have an enormous amount of curb appeal, or be priced more competitive than other listings,” he says. “The stuff that’s moving, it’s because [those sellers] have to sell—maybe for a job change or a divorce.”

An example of a house that was snapped up once it hit the right price is a five-bedroom, three-bath Southwestern-style retreat on a little under an acre.

From November 2025 to when the home went under contract in early May, the property saw four price cuts, down from $1.425 million to $1.2 million (the final price isn’t yet known as status is pending).

If there’s a silver lining in this metro, it’s for sellers who can price right, and buyers ready to take the leap. “Absolutely,” Mosley says. “Now’s the time to buy.”

Florida and Colorado

Right behind Phoenix is Tampa on the Gulf Coast of the Sunshine State, with 25.13% of listings in the metro getting price shaves.

“This price drop is real,” Martin Orefice of Orlando-based Rent-to-Own Labs, who also does business in Tampa, tells Realtor.com. He notes that he’s seeing cuts mainly at the higher end of the market.

“Higher-end homes are falling by 30% or more in some areas, especially big suburban houses, while entry-level houses are basically holding steady because there simply aren’t as many of them around,” he says.

“I see this as a reflection of tight budgets more than anything else.”

As for the Denver-Aurora-Centennial (24.35%) metro, Joe Risi of Home Waters Real Estate in Western Colorado, says, “It’s a tale of two markets”—the ultra-rich and everyone else. 

“These trophy properties often sell for extraordinary numbers because they are viewed as blue-chip assets rather than just residences,” he tells Realtor.com.

Nevertheless, the 229.5-acre Flying Dog legacy ranch in Carbondale just got a $2 million shave to $19.8 million.

“High-end buyers today have zero appetite for ‘projects,'” says his colleague Mike Shook. “On one side, you have move-in-ready, ‘turnkey’ estates that continue to move quickly. On the other, you have large ranches and legacy properties that need significant infrastructure—new roads, updated water systems, or structural overhauls.

“These are the properties seeing price drops and longer days on market.”

Phoenix-Mesa-Chandler, AZ

Share of listings with price cuts: 29.10%

Year-over-year change: -2.2 percentage points

Median list price: $499,000

Tampa-St. Petersburg-Clearwater, FL

Share of listings with price cuts: 25.13%

Year-over-year change: -4.2 percentage points

Median list price: $406,500

San Antonio-New Braunfels, TX

Share of listings with price cuts: 24.95%

Year-over-year change: -0.7 percentage points

Median list price: $324,700

Denver-Aurora-Centennial, CO

Share of listings with price cuts: 24.35%

Year-over-year change: -2.8 percentage points

Median list price: $587,000

Portland-Vancouver-Hillsboro, OR-WA

Share of listings with price cuts: 24.04%

Year-over-year change: 0.7 percentage points

Median list price: $579,750

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