10 Cities Where Sellers Are Slashing Home Prices

georgeclerk / Getty Images
georgeclerk / Getty Images

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 home prices are dropping the most.

benedek / Getty Images/iStockphoto
benedek / Getty Images/iStockphoto

10. Spokane, Washington

  • Median home list price: $449,900

  • Change since June: -7.4%

mrtom-uk / Getty Images
mrtom-uk / Getty Images

9. Durham, North Carolina

  • Median home list price: $460,000

  • Change since June: -7.5%

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

8. Stockton, California

  • Median home list price: $581,725

  • Change since June: -7.7%

lucky-photographer / Getty Images
lucky-photographer / Getty Images

7. Las Vegas

  • Median home list price: $460,000

  • Change since June: -7.9%

knowlesgallery / Getty Images/iStockphoto
knowlesgallery / Getty Images/iStockphoto

6. Denver

  • Median home list price: $625,000

  • Change since June: -8%

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

5. Ogden, Utah

  • Median home list price: $532,500

  • Change since June: -8.6%

f11photo / Shutterstock.com
f11photo / Shutterstock.com

4. Charleston, South Carolina

  • Median home list price: $500,000

  • Change since June: -8.6%

Shutterstock.com
Shutterstock.com

3. Palm Bay, Florida

  • Median home list price: $379,995

  • Change since June: -8.9%

Davel5957 / Getty Images/iStockphoto
Davel5957 / Getty Images/iStockphoto

2. Phoenix

  • Median home list price: $493,500

  • Change since June: -9.9%

Davel5957 / Getty Images
Davel5957 / Getty Images

1. Austin, Texas

  • Median home list price: $558,275

  • Change since June: -10.3%

Methodology: All data is sourced from Realtor.com and is accurate as of Oct. 10, 2022. Realtor.com looked at the monthly median home list prices in the 100 largest metropolitan areas, then calculated the price change since June, when markets peaked nationally. Realtor.com included only the metro with the biggest drop in any state to ensure geographic diversity.

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