Buyers are now gaining more leverage in the housing market as sellers continue to slash home prices, particularly in Florida cities. A report from real estate startup Knock showed which markets took the biggest hit when it comes to homes selling below the asking price for the second quarter.
"Florida took the lead, with four cities in the sunshine state making the list, including Miami, which nabbed the No. 1 spot for both the size and the frequency of price reductions," according to HousingWire.
"In the first quarter of 2019, 88% of homes in Miami sold below their original listing price, and the average number of days on the market before a sale was made was 82, Knock said. Further, 79% of homes in Miami sold for at least 2% below asking."
Jacksonville, Tampa and Orlando also made the top 10 list of cities with the greatest percentage of price reductions for quarter two.
To learn more about the list and what other cities made the cut, click on the image above.