Mar 23, 2024 - News

Our price cuts, charted

Share of active home listings with price drops in select Texas metro areas
Data: Redfin; Chart: Kavya Beheraj/Axios

Competition for homes is a bit more relaxed in Texas' major metro areas than other parts of the country, according to Zillow senior economist Orphe Divounguy.

By the numbers: Roughly 3 in 10 homes for sale in San Antonio, Dallas, Houston and Austin saw price drops in January, per the latest housing market data from Redfin.

Zoom out: Each metro posted a higher share of discounted listings compared to the U.S. overall.

  • Price cuts surged nationwide in summer 2022, partly because rising mortgage rates caused home shoppers to back out of the market, per Redfin.

What's next: "Screen appeal is the new curb appeal," Divounguy tells Axios.

  • Listings that cater to Zillow-surfers by including a 3D home tour and interactive floor plan can get more page views, saves and shares, Divounguy says.
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