Data through September 2026
- Most listings cut
- 37.7%Salt Lake City, up from 35.9%
- Coolest market
- 21Salt Lake City heat score, down from 26
- Largest median cut
- $26,333San Luis Obispo-Paso Robles, down from $30,000
Know your numbers
Selling this fall? What a price cut looks like in each of our seven metros
In Zillow Research's September 2026 metro data, the share of listings with a price cut ran from 27.4% in San Luis Obispo-Paso Robles to 37.7% in Salt Lake City. The median cut ran from $9,967 in Columbus to $26,333 in San Luis Obispo-Paso Robles. Every metro leaned to buyers, so price carefully from day one.
Thinking of listing this fall? A forecast won't help you much. The number that will is how often sellers in your metro are cutting their asking price, and by how much.
In September 2026, all seven metros Nimbus tracks leaned to buyers on Zillow Research's Market Heat Index. Zillow Research's August and September 2026 metro readings also show that every one of them cooled from August. Here is what that looks like in price cuts.
Price cuts in each metro, September 2026
Each cell leads with the percent change from September 2025, with the September 2025 and September 2026 figures under it, from Zillow Research's smoothed metro Market Heat Index and Price Cuts data. Heat is Zillow Research's 0 to 100 score, and the median cut is in dollars. For the share of listings cut, the percent is the change in the share itself, not in percentage points: 36.6% to 36.7% is up 0.3%.
| Metro | Heat | Listings cut (%) | Median cut ($) |
|---|---|---|---|
| Denver | up 4.5%from 22 to 23 | up 0.3%from 36.6 to 36.7 | up 7.7%from 12,500 to 13,467 |
| Salt Lake City | down 19.2%from 26 to 21 | up 5.0%from 35.9 to 37.7 | flat 0%from 10,000 to 10,000 |
| Austin | down 8.3%from 24 to 22 | down 0.7%from 30.3 to 30.1 | down 9.9%from 12,333 to 11,107 |
| Atlanta | down 7.7%from 26 to 24 | down 1.6%from 31.2 to 30.7 | flat 0%from 10,000 to 10,000 |
| Baltimore | down 10.9%from 46 to 41 | up 4.5%from 28.9 to 30.2 | flat 0%from 10,000 to 10,000 |
| Columbus | down 10.5%from 38 to 34 | up 2.3%from 34.1 to 34.9 | up 14.1%from 8,733 to 9,967 |
| San Luis Obispo-Paso Robles | down 14.0%from 43 to 37 | up 1.5%from 27.0 to 27.4 | down 12.2%from 30,000 to 26,333 |
Source: Zillow Research, Market Heat Index and Price Cuts (metro, smoothed), September 2026 vs September 2025.
Here are the same seven metros ranked by how often listings were cut, with the change from September 2025 beside each.
Share of listings with a price cut, by metro
| Place | Listings cut (%) | vs Sept 2025 |
|---|---|---|
| Salt Lake CityStrong buyer's market | 37.7 | up 5.0% |
| BaltimoreBuyer's market | 30.2 | up 4.5% |
| ColumbusBuyer's market | 34.9 | up 2.3% |
| San Luis Obispo-Paso RoblesBuyer's market | 27.4 | up 1.5% |
| DenverStrong buyer's market | 36.7 | up 0.3% |
| AustinStrong buyer's market | 30.1 | down 0.7% |
| AtlantaStrong buyer's market | 30.7 | down 1.6% |
How to read the heat number
Zillow Research's Market Heat Index methodology scores a market from 0 to 100. A score of 70 and up is a strong seller's market, 55 to 69 is a seller's market, 44 to 54 is neutral, 28 to 43 is a buyer's market, and 27 or less is a strong buyer's market.
On that scale, Zillow Research's September 2026 readings put Denver (23), Salt Lake City (21), Austin (22) and Atlanta (24) in strong buyer's territory. Baltimore (41), Columbus (34) and San Luis Obispo-Paso Robles (37) were in buyer's territory, per the same Zillow Research data.
The move from one month to the next matters for timing. Zillow Research's August and September 2026 metro readings show every heat number fell: Denver 27 to 23, Salt Lake City 26 to 21, Austin 27 to 22, Atlanta 26 to 24, Baltimore 45 to 41, Columbus 39 to 34, and San Luis Obispo-Paso Robles 46 to 37. Denver is the only metro slightly above last September, at 23 versus 22 in Zillow Research's figures, and it still cooled over the late summer.
What that means for you: buyers have more homes to choose from, and they know it. A home priced for spring is likely to sit.
What the cuts tell a seller
A price cut is the market correcting a list price that was set too high. The share of listings cut tells you how often that happens near you. The median cut tells you what it usually costs.
In Zillow Research's September 2026 data, Salt Lake City had the highest share of listings with a cut at 37.7%, up from 35.9%, and Denver was close behind at 36.7%. Austin (30.1%), Atlanta (30.7%) and Baltimore (30.2%) were lower, per the same Zillow Research data.
The share of listings with a cut swings with the seasons, but it is higher in September 2026 than in January 2019 in every one of these metros.
Share of listings with a price cut, by metro, since 2019
Line chart of Listings with a price cut by month, Jan 2019 to Sep 2026. Metro Denver: 21.7% in Jan 2019, 36.7% in Sep 2026. Metro Salt Lake City: 22.5% in Jan 2019, 37.7% in Sep 2026. Metro Austin: 21.1% in Jan 2019, 30.1% in Sep 2026. Metro Atlanta: 20.4% in Jan 2019, 30.7% in Sep 2026. Metro Baltimore: 22.0% in Jan 2019, 30.2% in Sep 2026. Metro Columbus: 20.7% in Jan 2019, 34.9% in Sep 2026. Metro San Luis Obispo-Paso Robles: 20.1% in Jan 2019, 27.4% in Sep 2026. Gold dots mark COVID-19 pandemic declared (Mar 2020); Fed starts rapid hikes (Mar 2022); Silicon Valley Bank fails (Mar 2023); Fed begins rate cuts (Sep 2024); Sweeping tariffs announced (Apr 2025); U.S.-Iran war begins (Feb 2026).
Data table
| Month | Metro Denver | Metro Salt Lake City | Metro Austin | Metro Atlanta | Metro Baltimore | Metro Columbus | Metro San Luis Obispo-Paso Robles |
|---|---|---|---|---|---|---|---|
| Sep 2026 | 36.7% | 37.7% | 30.1% | 30.7% | 30.2% | 34.9% | 27.4% |
| Aug 2026 | 35.9% | 36.3% | 30.1% | 30.4% | 28.7% | 33.9% | 26.7% |
| Jul 2026 | 34.9% | 34.8% | 29.9% | 29.5% | 27.4% | 31.4% | 25.5% |
| Jun 2026 | 33.5% | 32.4% | 28.3% | 28.0% | 25.6% | 28.5% | 23.3% |
| May 2026 | 31.0% | 30.2% | 26.2% | 26.6% | 23.9% | 25.3% | 21.3% |
| Apr 2026 | 28.1% | 27.7% | 23.9% | 25.5% | 22.0% | 24.0% | 19.8% |
| Mar 2026 | 26.3% | 26.5% | 22.2% | 24.8% | 21.0% | 23.7% | 19.2% |
| Feb 2026 | 23.4% | 25.0% | 20.1% | 22.5% | 20.7% | 23.8% | 17.5% |
| Jan 2026 | 24.1% | 27.0% | 20.6% | 22.6% | 22.4% | 26.2% | 18.2% |
| Dec 2025 | 27.3% | 30.5% | 23.1% | 24.8% | 25.6% | 29.7% | 19.9% |
| Nov 2025 | 32.8% | 34.1% | 27.2% | 28.2% | 28.5% | 33.2% | 24.4% |
| Oct 2025 | 36.0% | 36.0% | 29.3% | 30.5% | 29.6% | 34.3% | 25.9% |
| Sep 2025 | 36.6% | 35.9% | 30.3% | 31.2% | 28.9% | 34.1% | 27.0% |
| Aug 2025 | 37.4% | 36.3% | 31.2% | 31.7% | 28.1% | 33.1% | 26.6% |
| Jul 2025 | 38.0% | 35.6% | 32.1% | 31.8% | 27.5% | 31.3% | 26.3% |
| Jun 2025 | 36.8% | 34.2% | 30.8% | 30.1% | 25.3% | 28.9% | 25.5% |
| May 2025 | 34.1% | 32.0% | 28.4% | 28.5% | 23.6% | 26.6% | 24.7% |
| Apr 2025 | 30.7% | 30.0% | 25.2% | 26.7% | 21.4% | 25.0% | 22.5% |
| Mar 2025 | 28.6% | 28.7% | 23.8% | 26.3% | 21.1% | 24.3% | 20.9% |
| Feb 2025 | 26.4% | 26.8% | 21.0% | 24.1% | 20.6% | 24.1% | 18.1% |
| Jan 2025 | 26.8% | 27.6% | 21.4% | 24.2% | 22.2% | 26.1% | 18.4% |
| Dec 2024 | 29.3% | 29.9% | 22.0% | 25.3% | 23.8% | 28.9% | 19.4% |
| Nov 2024 | 32.7% | 33.8% | 25.5% | 28.6% | 25.9% | 32.2% | 22.5% |
| Oct 2024 | 35.0% | 35.0% | 27.7% | 31.0% | 26.2% | 33.1% | 23.5% |
| Sep 2024 | 35.8% | 34.4% | 29.8% | 31.7% | 25.8% | 32.5% | 23.6% |
| Aug 2024 | 36.1% | 34.2% | 31.0% | 31.7% | 24.7% | 30.3% | 22.1% |
| Jul 2024 | 35.2% | 32.7% | 31.2% | 30.3% | 23.5% | 27.6% | 21.8% |
| Jun 2024 | 32.1% | 30.5% | 29.2% | 28.2% | 22.2% | 24.2% | 20.3% |
| May 2024 | 28.4% | 27.4% | 25.8% | 26.2% | 21.1% | 21.8% | 20.4% |
| Apr 2024 | 24.7% | 24.3% | 22.8% | 24.4% | 20.1% | 20.6% | 18.7% |
| Mar 2024 | 22.1% | 23.7% | 21.0% | 23.6% | 19.6% | 21.4% | 19.5% |
| Feb 2024 | 19.6% | 22.2% | 19.8% | 21.6% | 19.4% | 21.5% | 16.7% |
| Jan 2024 | 21.7% | 25.7% | 21.1% | 22.7% | 21.6% | 24.4% | 19.1% |
| Dec 2023 | 25.6% | 29.5% | 24.4% | 24.3% | 24.0% | 26.9% | 20.8% |
| Nov 2023 | 31.1% | 34.5% | 28.9% | 27.3% | 25.6% | 29.3% | 24.2% |
| Oct 2023 | 32.1% | 36.1% | 31.1% | 27.1% | 24.6% | 28.2% | 23.3% |
| Sep 2023 | 30.8% | 34.5% | 31.1% | 25.6% | 22.3% | 25.5% | 21.6% |
| Aug 2023 | 29.0% | 32.7% | 31.1% | 24.1% | 20.6% | 23.1% | 21.7% |
| Jul 2023 | 26.6% | 29.7% | 29.8% | 22.0% | 19.3% | 20.5% | 20.4% |
| Jun 2023 | 23.4% | 26.9% | 27.9% | 20.1% | 17.5% | 17.7% | 17.5% |
| May 2023 | 20.8% | 25.2% | 26.4% | 19.8% | 17.0% | 17.1% | 14.9% |
| Apr 2023 | 19.1% | 24.7% | 24.4% | 20.7% | 16.9% | 17.2% | 15.3% |
| Mar 2023 | 20.6% | 27.1% | 25.6% | 23.3% | 19.2% | 19.8% | 17.8% |
| Feb 2023 | 21.9% | 27.0% | 24.2% | 23.4% | 20.1% | 20.7% | 17.6% |
| Jan 2023 | 27.0% | 30.8% | 27.6% | 25.6% | 23.0% | 24.4% | 19.0% |
| Dec 2022 | 32.1% | 35.1% | 30.6% | 27.7% | 24.8% | 26.8% | 20.1% |
| Nov 2022 | 37.3% | 40.9% | 35.8% | 31.4% | 27.1% | 29.0% | 24.3% |
| Oct 2022 | 38.7% | 42.7% | 37.0% | 31.9% | 27.1% | 28.2% | 25.6% |
| Sep 2022 | 38.0% | 42.3% | 36.2% | 30.4% | 26.2% | 26.6% | 25.8% |
| Aug 2022 | 35.3% | 40.6% | 33.5% | 27.2% | 24.7% | 23.9% | 24.9% |
| Jul 2022 | 28.8% | 35.2% | 27.0% | 22.9% | 21.8% | 19.8% | 22.1% |
| Jun 2022 | 20.3% | 26.1% | 18.9% | 18.2% | 17.9% | 14.7% | 17.4% |
| May 2022 | 12.7% | 16.8% | 11.2% | 14.6% | 15.1% | 11.6% | 12.3% |
| Apr 2022 | 8.2% | 10.6% | 7.2% | 12.4% | 13.8% | 9.9% | 9.1% |
| Mar 2022 | 6.8% | 8.2% | 6.1% | 12.0% | 14.5% | 11.0% | 8.8% |
| Feb 2022 | 7.9% | 8.8% | 6.7% | 11.7% | 15.2% | 12.4% | 9.0% |
| Jan 2022 | 11.1% | 12.5% | 9.2% | 13.0% | 17.4% | 15.3% | 10.2% |
| Dec 2021 | 15.4% | 17.0% | 11.9% | 14.1% | 19.7% | 17.8% | 10.7% |
| Nov 2021 | 18.3% | 20.9% | 14.7% | 16.0% | 22.3% | 20.6% | 12.4% |
| Oct 2021 | 19.7% | 22.0% | 15.8% | 17.0% | 22.8% | 21.4% | 13.6% |
| Sep 2021 | 19.3% | 21.1% | 15.3% | 16.9% | 21.8% | 20.9% | 15.2% |
| Aug 2021 | 16.9% | 18.4% | 12.8% | 15.6% | 19.8% | 18.6% | 14.5% |
| Jul 2021 | 13.2% | 14.8% | 9.6% | 13.6% | 17.1% | 16.1% | 13.8% |
| Jun 2021 | 9.4% | 11.7% | 6.7% | 11.9% | 14.7% | 13.4% | 10.6% |
| May 2021 | 7.8% | 9.3% | 5.2% | 11.2% | 12.8% | 11.2% | 9.5% |
| Apr 2021 | 7.7% | 7.7% | 4.4% | 11.1% | 12.0% | 10.7% | 8.6% |
| Mar 2021 | 8.9% | 6.7% | 4.7% | 11.8% | 12.8% | 11.7% | 10.8% |
| Feb 2021 | 10.3% | 8.0% | 6.3% | 12.0% | 14.5% | 13.8% | 11.3% |
| Jan 2021 | 13.3% | 11.7% | 9.8% | 13.5% | 17.2% | 17.0% | 12.2% |
| Dec 2020 | 16.5% | 16.0% | 13.2% | 15.1% | 19.0% | 19.9% | 13.3% |
| Nov 2020 | 19.6% | 18.3% | 15.7% | 17.1% | 19.2% | 21.6% | 15.1% |
| Oct 2020 | 21.1% | 19.2% | 17.0% | 17.8% | 18.2% | 21.1% | 16.6% |
| Sep 2020 | 22.3% | 18.9% | 18.1% | 18.2% | 17.8% | 19.7% | 17.6% |
| Aug 2020 | 23.1% | 19.2% | 19.2% | 18.7% | 18.5% | 18.4% | 18.5% |
| Jul 2020 | 23.6% | 20.2% | 19.8% | 19.6% | 19.6% | 17.8% | 19.0% |
| Jun 2020 | 20.7% | 22.2% | 19.5% | 19.0% | 18.9% | 17.7% | 17.2% |
| May 2020 | 17.9% | 21.4% | 18.2% | 18.5% | 18.3% | 17.6% | 15.9% |
| Apr 2020 | 16.1% | 20.1% | 18.1% | 19.5% | 19.3% | 18.3% | 17.7% |
| Mar 2020 | 17.9% | 18.0% | 17.8% | 20.9% | 20.7% | 19.2% | 19.4% |
| Feb 2020 | 18.4% | 17.8% | 17.9% | 20.9% | 20.6% | 19.8% | 18.4% |
| Jan 2020 | 20.6% | 19.8% | 18.4% | 20.5% | 20.6% | 21.1% | 16.8% |
| Dec 2019 | 24.8% | 24.3% | 21.8% | 22.5% | 23.3% | 24.9% | 19.0% |
| Nov 2019 | 30.1% | 28.5% | 25.6% | 25.6% | 27.1% | 29.3% | 23.9% |
| Oct 2019 | 32.8% | 30.8% | 28.3% | 27.2% | 28.7% | 31.2% | 26.9% |
| Sep 2019 | 33.0% | 30.1% | 28.8% | 27.0% | 28.0% | 30.0% | 26.8% |
| Aug 2019 | 32.0% | 29.5% | 28.0% | 26.6% | 27.5% | 27.7% | 26.2% |
| Jul 2019 | 30.2% | 27.8% | 26.6% | 25.8% | 27.5% | 25.5% | 24.7% |
| Jun 2019 | 27.2% | 25.4% | 24.3% | 24.6% | 26.6% | 22.9% | 22.9% |
| May 2019 | 23.9% | 22.8% | 22.0% | 23.2% | 24.4% | 20.3% | 21.0% |
| Apr 2019 | 21.1% | 20.6% | 19.8% | 21.0% | 21.5% | 18.3% | 19.3% |
| Mar 2019 | 20.5% | 20.8% | 19.5% | 20.9% | 20.7% | 18.1% | 19.9% |
| Feb 2019 | 19.3% | 19.7% | 18.8% | 19.1% | 19.6% | 18.4% | 18.5% |
| Jan 2019 | 21.7% | 22.5% | 21.1% | 20.4% | 22.0% | 20.7% | 20.1% |
The size of the cuts moved in different directions. Zillow Research shows Denver's median cut rose to $13,467 from $12,500, and Columbus's rose to $9,967 from $8,733, so sellers in those metros are giving up more per cut than a year ago. San Luis Obispo-Paso Robles had the largest median cut in dollars at $26,333, down from $30,000, per Zillow Research. Keep in mind that the same dollar cut means more or less depending on what homes cost in that metro.
What to do with this: if your metro's cut share is high, assume buyers will push back on your first price. Buyers can see a listing's price history, so a cut after a few slow weeks can invite lower offers. Setting a careful price from day one protects your leverage at the table better than a cut does later.
What these numbers do not tell you
Zillow Research's Price Cuts definitions describe these as metro medians of listings. A single ZIP or price range can differ, and a cut to the list price is not the final sale price. Your street may run hotter or colder than your metro, and a home that never cut its price can still sell below asking.
Check your own ZIP
Your metro is a starting point, not your answer. In Nimbus (nimbusportfolio.com), you can ask Chene for the price-cut share and heat reading for your ZIP, along with the month of the data, from the market map's heat and price-cut layers (source: Nimbus).
Here is what that looks like when you ask.
A sound sale, whatever the market does next
Nobody can tell you whether prices will be higher next spring. What you can control is whether your decision holds up either way.
- Know your number before you list: what you owe, your selling costs, and what you need to walk away with. That tells you how much of a cut you can absorb.
- Price for the market in front of you. Use your ZIP's cut share and median cut, not last spring's sales.
- Decide whether you actually have to sell. If you don't, holding is a real choice, as long as you can carry the payment with taxes and insurance and keep cash in reserve for repairs and slow months.
- If you are buying your next home, use the same test. Plan to stay long enough to ride out a soft stretch, pick a payment you can carry with taxes and insurance, and keep cash in reserve. Do that and your timing matters far less.
- If the home is one you used to live in and now rent out, check the tax rules before you decide to wait out the market. The tax-free exclusion on a former home has a deadline, and missing it while you wait for a better price can cost more than a cut. Our post on selling a home you rented out explains it.
A buyer's market is no reason to panic, and no reason to freeze. It is a reason to price carefully, list with a plan, and know your floor before the first offer arrives.
What's your home worth?
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Frequently asked questions
Should I wait until spring to sell?
No one can promise spring will be better. If you can carry the payment with taxes and insurance and still keep cash in reserve, waiting is a real option. If you need to sell, price for today's market. If the home is a former residence you now rent out, check the deadline on the tax-free exclusion before you wait.
How often are listings getting a price cut in these metros?
In Zillow Research's September 2026 metro data, the share of listings with a price cut ran from 27.4% in San Luis Obispo-Paso Robles to 37.7% in Salt Lake City. Your own ZIP can differ.
What does a strong buyer's market mean?
On Zillow Research's Market Heat Index, a score of 27 or less is a strong buyer's market and 28 to 43 is a buyer's market. Buyers have more choice and more room to negotiate, so sellers should expect pushback on price.
Is a price cut the same as selling below asking?
No. Zillow Research's Price Cuts figures track cuts to the list price, not the final sale price, and they are metro medians, so a single ZIP or price range can look different.