Have You Given Up Because of Home Prices? Sellers’ Price Tags Are Changing

Have you ever found a home you loved, only to close the search window after seeing the price?

You may want to buy a home, but when you think about the monthly cost, it can be difficult to make the decision to move forward.

However, if you are only remembering the prices you saw months ago, it may be worth taking another look at homes in the areas you are interested in. The price a seller originally listed at may be different from the price they are now willing to accept in order to get the home sold.

More Than 4 Out of 10 Sellers Are Adjusting Their Prices

According to a Keeping Current Matters article published on August 27, 2026, data from HousingWire shows that more than 40% of homes listed for sale nationwide have had their asking prices reduced. The article notes that this percentage is slightly lower than it was during the same period last year.

The article also cites Realtor.com data showing that the national median listing price in July 2026 was the lowest July figure of the past five years.

This suggests that some sellers are adjusting their original price expectations or pricing their homes more realistically based on what buyers can currently afford.

A Price Reduction Is Not the Same as Home Values Falling

There is an important distinction to make here.

The fact that more than 40% of listings have had a price reduction does not mean home values have fallen by 40%.

Likewise, the median listing price does not directly tell us how much the value of an individual home has changed. It can also be affected by the size and price composition of the homes coming onto the market.

For example, imagine similar homes in a neighborhood are selling for around $600,000, but one seller initially lists a home for $650,000 and later reduces the price to $610,000.

The asking price has dropped by $40,000, but that does not mean home values in the neighborhood have fallen by $40,000.

For buyers, the more important question comes after asking, “How much did the seller reduce the price?”

The real question is:

“Is the new price reasonable compared with recent sales in the area?”

In the Chicago Suburbs, You Need to Look at the Local Market

The statistics discussed in the article are national figures. To understand what is happening in Chicago’s suburbs—including Naperville, Northbrook, Glenview, and Buffalo Grove—you need to look at the actual listings and recent sales in each local market.

Even within the same city, comparable properties can vary significantly based on school boundaries, property type, price range, and condition.

So just because price reductions are becoming more common nationwide does not mean you should expect a large discount on every home you are interested in.

When preparing an offer, it is important to look at:

• Recent sales of comparable homes

• Current competing listings

• Days on market

• Price-reduction history

A home that has been reduced several times may still be overpriced. On the other hand, a home that has never had a price reduction may have been priced appropriately from the beginning.

If You’re a Buyer, It May Be Time to Start Searching Again

If you previously eliminated certain homes because they were outside your budget, take another look at their current prices.

However, a price reduction does not mean you should increase your own budget beyond what you can comfortably afford.

When comparing homes in Illinois, look beyond the purchase price. Consider property taxes, homeowners insurance, HOA fees, and expected maintenance costs when calculating your actual monthly housing expense.

Two homes with similar purchase prices can have very different monthly costs.

If you find a home you genuinely like, use recent comparable sales to build your offer. Instead of simply trying to “get the biggest discount possible,” your negotiation becomes much stronger when you can explain why your proposed price is reasonable based on actual market data.

Sellers Need to Consider the Buyer’s Alternatives

For sellers, lowering an asking price can be difficult—especially when you have invested significant time, money, and emotion into your home.

But buyers are comparing your home against every other property they can purchase within their budget.

If you are getting showings but no offers, it may be time to evaluate more than just the price.

Look at:

• The condition of the home

• Listing photos and presentation

• Marketing strategy

• Buyer feedback after showings

• Competing listings

You need to understand why buyers are choosing other homes over yours before deciding what to change.

And when you receive an offer, don't evaluate the price alone. Review the financing, inspection terms, closing timeline, and other contingencies as well.

The goal is to determine not only how much you will ultimately receive, but also how likely the transaction is to successfully close.

What Matters Now Is Knowing Your Local Market

For buyers, today's market may provide another opportunity to revisit homes that were previously outside their budget.

For sellers, it is an opportunity to reassess pricing and make sure your home is positioned competitively.

If you are planning to buy or sell in Chicago or the surrounding suburbs, contact Chicago Bokdeokbang.

We can review recent comparable sales and current competing listings in your target area and help you develop a data-driven strategy—whether that means preparing a well-supported offer as a buyer or positioning your home to stand out as a seller.

ChicagoBDB LLC | Chicago