Redfin’s latest data points to more negotiating room for many U.S. homebuyers, but it does not mean homes are broadly affordable or that every local market favors buyers. In the four weeks ending September 20, 2026, 21.1% of active listings had a price cut—the highest share for that time of year in Redfin’s records since 2022. Meanwhile, Freddie Mac’s average 30-year fixed mortgage rate was 7.28% on October 1, according to Fortune, making the monthly payment a separate and significant constraint.
Are home sellers cutting prices?
Yes. Redfin found that 21.1% of active U.S. listings had a price drop during the four weeks ending September 20, 2026, based on MLS data. That was the highest share for this seasonal period in Redfin’s records dating back to the start of 2022. The comparable share a year earlier was 19.8%, so the year-over-year increase was modest rather than a dramatic jump. Redfin’s September 30 report compares the same four-week seasonal window across years.
The figure means roughly one in five active listings had a cut in that period. It does not mean one in five sellers accepted an offer below asking, that every home was discounted, or that buyers received a particular average reduction. It measures the share of active listings whose asking price fell—not the size of the cut, final sale price, or future price direction.
Why the cut share is only part of the picture
A price reduction can signal that an initial asking price did not attract buyers, but sellers may also respond to market conditions in other ways. Redfin notes that some prospective sellers are delaying a listing, some are delisting rather than accepting less, and others are pricing more realistically from the outset. Buyers may negotiate for repair or closing-cost credits or a mortgage-rate buydown instead of a lower sticker price.
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Redfin Senior Economist Asad Khan said sellers who move quickly are “getting savvier about pricing right from day one.” A listing with no visible price cut may therefore still reflect a seller’s adjustment to current demand; the cut statistic alone cannot show every form of flexibility.
Is it a buyer’s market?
Nationally, the balance has shifted toward buyers, but the label is not reliable for every city or neighborhood. Fortune reported that Redfin estimated there were 58% more U.S. sellers than buyers in August 2026—the widest gap in Redfin’s records dating to 2013. That imbalance can give buyers more options and room to negotiate, especially where listings are lingering or competing for fewer offers. Redfin’s buyer-seller analysis provides the underlying national measure.
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Local conditions can differ sharply. Bright MLS Chief Economist Lisa Sturtevant told Fortune that she would not call all Mid-Atlantic markets buyer’s markets: inventory remains tight and prices are near records in many localities. A national surplus of sellers cannot tell you whether a specific home is negotiable or whether comparable properties nearby are still attracting competition.
Where are sellers cutting home prices the most?
Among the 50 most populous U.S. metro areas in Redfin’s analysis, Denver had the largest share of active listings with price drops at 30.9%, followed by Indianapolis at 29.9%. San Francisco had the smallest share, at 9.6%. These are metro-level shares for the four weeks ending September 20, 2026—not the typical discount a buyer secured or a forecast of where prices will go.
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Use the figures as a reason to investigate locally, not as a substitute for property-level comparisons. Redfin’s metro price-cut data can help identify where cuts are common; seller-to-buyer balance and inventory add context. For a particular home, days on market, recent comparable sale prices, and concessions on similar transactions are more directly relevant to negotiations.
Are 7% mortgage rates keeping buyers out?
High rates constrain what a financed buyer can afford even when sellers are more willing to negotiate. Fortune reported that Freddie Mac’s average 30-year fixed mortgage rate was 7.28% on October 1, 2026, compared with 6.34% a year earlier. This is a national benchmark for that date, not a quote or prediction for an individual borrower; an actual rate depends on the borrower and loan circumstances. Freddie Mac’s Primary Mortgage Market Survey tracks the benchmark, and Fortune’s October 6 coverage reported the October 1 figure.
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Negotiating leverage and purchasing power are different things. A lower agreed price or seller credit may improve the deal, but the monthly cost still depends on the loan amount, interest rate, down payment, property taxes, insurance, and other expenses. A buyer should compare the full payment at an actual lender quote—not assume that a market-wide price-cut trend offsets borrowing costs.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to judge leverage in your target market
Before deciding whether to offer below asking, review several indicators together:
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- Price-cut share and trend: Check the active-listing share with reductions and whether it is rising or falling year over year.
- Seller-buyer balance and inventory: More listings relative to buyers can improve choice, but tight inventory may preserve competition in specific areas.
- Time on market: Compare how long similar homes have been listed; a stale listing may create a different negotiating opening than a new one.
- Recent comparable sales and concessions: Look at actual sale prices and reported credits or buydowns, not just original asking prices.
- Your full monthly payment: Run the numbers using an individualized lender quote and include taxes, insurance, and other ownership costs.
Those measures help distinguish a headline about national bargaining conditions from the economics of a particular home. Redfin Premier agent Chandra Gordon, based in Seattle, said buyers have enough options to be selective and that sellers need to price correctly from the start; the practical implication for buyers is to assess each listing against local alternatives rather than assume every seller will concede.
What about all-cash buyers?
All-cash buyers avoid mortgage-rate exposure and can sometimes negotiate from a different position, but that does not make cash the right or necessary choice for most households. UC San Diego summarized research indicating that all-cash buyers paid about 10% less on average than mortgage buyers. That is an observed average, not a guaranteed discount for an individual purchase; buyer and property differences may matter, and the figure should not be treated as a promise of savings. Michael Reher, an associate professor of finance at UC San Diego’s Rady School of Management, told Fortune that periods of uncertainty and illiquidity can be favorable for all-cash buyers. That is his view, not universal financial advice.
For a financed buyer, the more useful takeaway is to compare the value of a price reduction or seller concession with its effect on the payment and cash needed at closing. A seller-paid buydown, for example, should be evaluated against the loan terms and how long the buyer expects to keep the mortgage, rather than treated as interchangeable with a permanent price reduction.
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