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How Many Sellers in Chicagoland Lower Their Asking Prices?

by Peter Thomas Ricci

How common is it for home sellers in our area to lower their asking prices? And how do we compare with other major metro areas?

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Signs have been quite clear in recent months that the housing market has noticeably slowed down, and the folks at Redfin have uncovered perhaps the most striking piece of evidence for that trend: far more sellers are now reducing the price of their listings.

In Feb. 2013, Redfin found, only one in seven sellers were forced to reduce the listing price of their home; in September, though, one in four had to do so, a whopping 87 percent increase.

Was such a progression, though, consistent here in Chicagoland? To find out, we took a closer look at Redfin’s data, and put together the following chart:

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