A new Zillow analysis shows that fewer Greater Hartford sellers are willing to cut prices amid the pandemic.
Tight inventory caused by homeowners warry of welcoming strangers into their homes has reversed the state’s typically weak market, sending prices up.
Zillow found that only 4.8 percent of listings as of June 27 had a price cut in June, down from 7 percent at the same time last year.
The area saw some of its lowest share of price cuts the week ending April 25, when only 3.2 percent of listings included a price cut.
Nationally, the same trend holds. Only 4.1 percent of homes on the market as of June 27 had seen a price cut, compared to 5.6 percent this time last year.
“This may be our strongest signal yet that sellers have the upper hand in the housing market today — and they know it,” Zillow economist Jeff Tucker said in a statement. “Many buyers still think they can make lowball offers and score a great deal in the midst of today’s economic turbulence, but sellers are holding firm on list prices. For-sale inventory has been setting new record lows this spring, so sellers know that buyers are starved for options. Despite the lack of price cuts, sellers are still able to sell their homes faster than they did this time last year.”
Out of the 50 largest U.S. metropolitan areas, New York (2.8 percent), Miami (3.3 percent) and Riverside (3.8 percent) have the lowest share of listings with a price cut — with New York’s level lower than what’s normally seen in December. However, those shopping in Denver (9.1 percent), Indianapolis (7.4 percent), and Chicago (6.9 percent) will see the largest share of price cuts.