10 Cities Where Sellers Are Slashing Home Prices

The tides seem to be turning in the real estate market. While the pandemic brought on a hot sellers' market with demand outpacing supply, homebuyers are now getting the upper hand in some areas. As buyers back out of more deals amid rising interest rates and a looming recession, sellers in some places are having to lower prices to attract offers.

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"Price cuts are hitting hardest in markets which have been on a hot streak during the pandemic -- cities which saw an influx of buyers looking for quality of life, more space and affordability," George Ratiu, senior economist at Realtor.com told the real estate site. "These are also markets which experienced a fast ramp-up in prices due to the inadequate supply of housing."

Here's a look at the 10 cities identified by Realtor.com where sellers are slashing prices the most.

10. Medford, Oregon

• Median home list price: $562,500

• Percentage of listings with price reductions: 23.2%

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9. Evansville, Indiana

• Median home list price: $246,000

• Percentage of listings with price reductions: 24.7%

8. Colorado Springs, Colorado

• Median home list price: $550,000

• Percentage of listings with price reductions: 25.1%

7. Sacramento, California

• Median home list price: $642,500

• Percentage of listings with price reductions: 25.2%

6. Ogden, Utah

• Median home list price: $580,100

• Percentage of listings with price reductions: 27.4%

5. Boise, Idaho

• Median home list price: $587,900

• Percentage of listings with price reductions: 27.4%

4. Anchorage, Alaska

• Median home list price: $436,00

• Percentage of listings with price reductions: 28.5%

3. Phoenix

• Median home list price: $548,500

• Percentage of listings with price reductions: 29.5%

2. Austin, Texas

• Median home list price: $620,000

• Percentage of listings with price reductions: 32.4%

1. Reno, Nevada

• Median home list price: $677,500

• Percentage of listings with price reductions: 32.6%

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All data is sourced from Realtor.com and is accurate as of July 25, 2022. To find the places with the most price reductions, the Realtor.com data team analyzed the 200 largest metropolitan areas and calculated which ones saw the highest percentage of home listings with price cuts on Realtor.com in June 2022.

This article originally appeared on GOBankingRates.com: 10 Cities Where Sellers Are Slashing Home Prices