Price Cuts by State

Method, limits, and common questions

• The field, and where it comes from. priceDropPct is Redfin's PRICE_DROPS column from the Redfin Data Center market tracker, read into our pipeline untransformed. Our own glossary defines it as "the percentage of active listings where the seller has reduced their asking price". Nothing is smoothed, weighted, or reweighted on this page.
• It is a fraction in the source, a percentage here. The raw field is 0 to 1 — Indiana stores as 0.3652. Every cell above is that value times 100. If you pull the JSON yourself and see 0.3652, that is 36.5%, not 0.37%.
• What it is not. It is a share of listings currently on the market, not a share of sales, and not the size of any discount. A listing cut by $1,000 and a listing cut by $100,000 count identically. There is no public free dataset of discount magnitude at state or county grain, so that column does not exist here rather than being estimated.
• No filter at state grain. All 51 state-level regions (the 50 states plus the District of Columbia) report the field for May 31, 2026, with a range of 17.3% to 36.5% and a median of 27.2%. There is no thin-market tail to trim, so nothing is trimmed.
• The county filter, and why it exists. Our county index file does not carry this field at all, so the county table is built by reading all 3,073 county files individually. County reporting months are not uniform — 223 counties are on an older month, with the tail running back to September 30, 2020 — so a county is ranked only if its latest month is May 31, 2026. On top of that, a "share of active listings" computed over a handful of listings produces degenerate readings: before filtering, 42 counties read above 60% and 12 of those read exactly 100%. Requiring 100 sales in the month removes all of them and leaves 640 counties spanning 9.6% to 63.5%.
• Sale-to-list ratio is a different measurement and it is on the table on purpose. It is the closing price divided by the final asking price, averaged over homes that sold. The negotiation gap column is simply 1 minus that. States can and do rank high on price cuts while still closing near or above ask, which is the single most useful thing on this page and the reason both columns are here.
• This is a level, not a trend, and not a forecast. Nothing here predicts prices. If you want the change-over-time view, that is market movers; the five-factor downside model is the crash-risk methodology; the five-year price projection with its backtest is the state forecast.
• What percent of home listings have a price cut right now? Across the 50 states plus the District of Columbia, the median is 27.2% of active listings carrying a seller price reduction, as of May 31, 2026. Indiana is highest at 36.5% and Hawaii is lowest at 17.3%. Everywhere else falls between those two, so there is no state where price cuts are rare and none where they are close to universal.
• Does a price cut mean the housing market is crashing? No. A reduction means the initial asking price was above what the market cleared, which is a statement about the list price, not about home values. In this snapshot not one of the 2,884 counties reporting the field reads zero and the lowest state still sits at 17.3%, so the useful question is the level relative to other markets and to that market's own history rather than whether cuts are happening at all. Downside risk is a separate composite of five factors, documented at /methodology/crash-risk/.
• Which state has the most price cuts? Indiana, at 36.5% of active listings, as of May 31, 2026. At county grain, among counties reporting that month with at least 100 sales, the highest is Columbia County in Georgia at 63.5%.
• Is this the same as selling below asking price? No, and both columns are on the state table so you can see them diverge. Price cuts are the share of listings currently on the market where the seller has lowered the ask. Sale-to-list ratio is the final sale price divided by the last asking price on homes that actually closed. A seller can cut twice and still close at full ask of the reduced price, which counts as a price cut and as a 1.00 sale-to-list ratio at the same time.
• Market data as of May 31, 2026, which is the Redfin reporting month, not the day we ran the pipeline. The pipeline last ran July 30, 2026; that date describes when the files were built and nothing about the market. Related: listing velocity decay, seller motivation, market movers, county distress pressure, months of supply by state, overvalued markets, state price forecast, HomeStats vs Reventure, all sources.

Sources: Redfin Data Center — PRICE_DROPS, AVG_SALE_TO_LIST, SOLD_ABOVE_LIST, MEDIAN_DOM, HOMES_SOLD, MEDIAN_SALE_PRICE, monthly market tracker, reporting month May 31, 2026. Redfin publishes this data under its own data center terms. Every figure above is recomputable from the free per-region JSON — /api/states/{slug}.json and /data/counties/{slug}.json, both carrying current.priceDropPct; the endpoint index is at /api/index.json. Full source list at /sources/.