More than 1 in 5 sellers cut their asking price in the four weeks ending October 11. Redfin puts the share at 22%, up from 20.9% a year earlier and the highest in its records.
If you’re thinking about selling in DC, Maryland, or Virginia, the last thing you want is to list, wait a few weeks, and then drop your price. The good news is that most of what leads to a price cut is decided before the sign goes in the yard, which means you have a lot of control over it.
Here’s how to set yourself up to sell at the right price the first time.
How do I avoid a price cut when selling my home? Price your home off the most recent comparable sales, not last spring’s, and set a number that matches what buyers can afford at today’s rates. Have your photos and a plan ready before you list. Realtor.com found that homes closing around the four-week mark sell 1.8 percentage points above the average sale-to-list ratio for comparable homes, while homes that sit 18 weeks close 1.3 points below.
What the Data Says About Price Cuts Right Now
- Redfin: 22% of sellers with active listings cut their asking price in the four weeks ending October 11, the highest share in Redfin’s records.
- Realtor.com: 20.8% of active listings had a price reduction in September, the highest September share since 2018, and 36 of the 50 largest metros were above their year-ago level.
- Why: Mortgage rates above 7% are limiting what buyers can afford, and sellers who started too high are adjusting.
What This Looks Like in DC Metro
DC has historically had a smaller share of listings with price cuts than the country as a whole, but the gap has been closing. The Richmond Fed found that 19% of DC-area listings had price cuts in March, versus 21% nationally, and that homes were sitting longer than they were a couple of years ago.
Homes that did sell in June closed at about 99% of their original list price on average, and the median home sold in 11 days (Bright MLS). That’s the benchmark to aim for. Our September market report has more on how pricing is playing out by property type.
The takeaway is that DC Metro still rewards homes that come out priced for the market, but the cushion for aspirational pricing is shrinking.
6 Ways to Set the Right Price From Day One
1. Price for Today’s Buyers
A lot of sellers set their price based on what a neighbor’s home sold for last spring, or what they’ve heard homes were going for a year or two ago. The market moves faster than that.
Mortgage rates are a big part of the story. When rates climb, buyers can afford less each month, even if they love your home. The most useful comparisons are homes like yours that sold or went under contract in the last few weeks. In DC Metro, what sold on your block three weeks ago says more than any metro-wide average.
Ask your agent to walk you through what’s sold recently near you, what’s sitting, and what buyers in your price range can comfortably afford. That conversation is your best protection against pricing too high from the start.
2. Think of Your List Price as an Invitation
Your asking price is the first thing buyers see, and it decides who shows up. Price it right and buyers walk through the door. Price it too high and those same buyers scroll past to a home that feels like a better deal.
Homes priced in line with similar homes nearby tend to get the most attention, and more attention means more showings and a better shot at a solid offer. It can feel counterintuitive to start lower than you’d hoped. But a home that draws a crowd early usually ends up in a better spot than one that starts high and has to come down.
3. Make the Most of Your First Few Weeks
The first few weeks are when your home gets the most eyes. Buyers who’ve been waiting set up alerts, and a fresh listing goes straight to the top of their list.
Realtor.com’s analysis shows how much that window matters. Homes closing around the four-week mark sold 1.8 percentage points above the average sale-to-list ratio, and homes that sat 18 weeks closed 1.3 points below. Price reductions have been peaking around week six this year, a little later than before, but don’t count on the extra time.
The longer a home sits, the more buyers wonder what’s wrong with it, even when nothing is. Getting the price and presentation right on day one does a lot of the work for you.
4. Know What to Expect, and What Happens If Things Are Quiet
Before you list, sit down with your agent and talk through what a healthy first couple of weeks looks like for a home like yours. How many showings is normal in your neighborhood right now? When would you typically expect an offer?
Then ask the harder question: if the activity isn’t there, what’s the plan? Maybe that means adjusting the price, freshening up the photos, or rethinking the marketing. Whatever it is, you’ll both know ahead of time, so a slow week is a decision you already made, not a panic.
5. Win the First Impression Online
Almost every buyer sees your home on a screen before they see it in person. If the photos don’t grab them, they may never book a showing. A few simple steps before photo day go a long way:
- Declutter. Clear countertops, tuck away personal items, and give each room some breathing space.
- Clean the windows. Streaks and smudges show up in photos more than you’d think.
- Turn on every light and open the blinds to let natural light in.
- Boost your curb appeal. Mow, trim the bushes, and add a potted plant by the front door. The front photo often decides whether a buyer clicks.
- Show off your best features. If you have a great kitchen, a fireplace, or a big backyard, make sure it’s clean, clear, and ready for its close-up.
6. Remember That Price Is Only One Part of the Deal
When buyers push back, a lower price isn’t always the best answer. Sometimes what they need is help with closing costs, a few repairs, or money toward a lower mortgage rate. These are seller concessions, and they’re common right now. According to Redfin, 44.7% of US home sales in August included one, and about 16% had both a concession and a price cut.
A concession can solve a buyer’s real problem while keeping your sale price where you want it. Talk with your agent about which options make sense for your home so you’re ready if a buyer asks.
Final Thoughts
National headlines are a good gut check, but they can’t tell you what your home will sell for. That comes down to your neighborhood, your price range, and what buyers in DC Metro are doing right now.
The best thing you can do is be prepared. Look at what’s actually selling near you, get your home ready before day one, and know your plan if the first couple of weeks are quiet. If you’re thinking about a spring sale, here are 6 things to do this fall to get ready.
FAQ: Pricing Your Home to Sell
Why are so many sellers cutting their price right now?
Mortgage rates above 7% are limiting what buyers can afford, and more homes are competing for fewer buyers. Redfin reports that 22% of sellers with active listings cut their asking price in the four weeks ending October 11, the highest share in its records.
How do I price my house so I don’t have to lower it?
Base your price on homes like yours that sold or went under contract in the last few weeks, not last spring’s sales. Then check what buyers in your price range can afford at today’s mortgage rates.
Is it better to start high and come down later?
Not usually. Realtor.com found that homes closing around the four-week mark sold 1.8 percentage points above the average sale-to-list ratio, while homes that sat 18 weeks closed 1.3 points below.
What are seller concessions?
Concessions are help a seller gives a buyer besides a lower price, such as money toward closing costs, repairs, or a lower mortgage rate. Redfin reports that 44.7% of US home sales in August included one.
How long should my home be on the market before I change the price?
It depends on your price range and neighborhood, so agree on a plan with your agent before you list. Realtor.com’s data shows the first four weeks matter most, and price reductions have been peaking around week six this year.
Thinking about selling in DC, Maryland, or Virginia? Edward Slavis and the team can show you what homes like yours have sold for and help you set a price that works from day one. You can also see what your home could sell for today.
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