A lot of reduced prices in Baltimore
Just over a third of the homes on the market in Baltimore have had at least one drop in the asking price -- one of the largest shares among large cities. That's according to real estate site Trulia, which regularly compares listings to see how many are reduced.
Among the 50 biggest cities, these had the most homes with price cuts:
1. Jacksonville, Fla. (37 percent)
2. Milwaukee (36 percent)
3. Portland (35 percent) -- tied with Memphis, Tenn.
5. Baltimore (34 percent) -- tied with Indianapolis, Minneapolis and Raleigh, N.C. (Here's an example of a reduced-price city home -- $255,000 off!)
Trulia looked at homes listed for sale Sept. 1, not including foreclosures, to see how many had at least one reduction in asking price over the previous 12 months.
In the country as a whole, 26 percent of homes for sale have had price cuts.
"The average discount for price-reduced homes remains at ten percent off of the original listing price," Trulia said in a press release.
Baltimore's average reduction is 11 percent -- for a grand total of $43 million off.
City owners asking more than $1 million for their homes are feeling it more: Their average price cut was 13 percent -- a whopping $210,000. (By contrast, the entire sales price of the average city home that changed hands last month was $180,000.)
The average reduction for all homes was smaller in the counties, from 10 percent in Anne Arundel to 7 percent in Harford.
But the number of reductions ranged. Anne Arundel County had just as many as Baltimore -- 34 percent -- and Baltimore County had more (36 percent).
Thirty percent of homes in Harford and Howard counties had reduced asking prices, and 28 percent in Carroll County.
Trulia's "price reduced" search feature lets you see the homes with lowered asking prices. One in Columbia -- which bills itself as "the property Jim Rouse originally selected for himself" -- is on the market for $1 million, a quarter-mil less than it was two months ago.