Price Reductions Hit 20.4% of Active Listings | “The Veteran’s Realtor”

We’re seeing a noticeable shift: 20.4% of active listings have had price reductions recently. Nationally, homes going under contract dipped by less than 1% in Mid-Q3, which breaks an eight-month streak of gains. Higher borrowing costs—averaging close to 6.7% for a 30-year fixed mortgage—have made buyers more cautious, and these rates stayed elevated for weeks, ending over 20 basis points above where they started earlier in Q3. Even as demand softened, the market hasn’t stalled. The national median list price adjusted down to $424,500. Active listings climbed about 4%, while new listings dipped a bit. Interestingly, fewer sellers decided to delist, with a 13% drop in those pulling their homes off the market. Slower activity has given buyers a bit more time and leverage at the table, but sellers who priced strategically still found success closing deals. Looking forward, it’s not just about whether mortgage rates fall, but whether they stabilize near 6.7%. If they do, we could see even more price cuts or some sellers decide to wait it out. As someone who’s honed negotiation skills both in and out of uniform, I always keep a close eye on these shifts—because in a market like this, the right strategy can make all the difference for my clients.