Boston ranks 3rd in home-price discounts

Real Estate Agent with Keller Williams Realty

Boston ranks 3rd in home-price discounts

According to a report on Trulia, Boston ranks third in the nation in home-price discounts, as reductions were recorded by some 35 percent of all listings on the market as of Dec. 1, 2009.

The city’s average price discount among current listings is 8 percent; the group’s asking prices have been reduced by a total of roughly $37.7 million.

Nationally, 22 percent of homes currently on the market have had prices reduced at an average discount of 12 percent. The top city, in terms of the percentage of homes that have been discounted, was Minneapolis at 40 percent.

Trulia states prices for luxury homes listed above $2 million have been slashed by an average of 14 percent, compared with 10 percent of homes priced at less than $2 million.

Luxury homes make up only 2 percent of the home listings tracked by Trulia, however they account for 26 percent of the $24.7 billion in price reductions recorded among its current listings, the company said.

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