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Homeowners selling at a discount face reductions of 4pc or £14,000 on average, according to Zoopla.
The property portal tracks the first asking price and agreed selling price for sales, finding that many sellers are still facing significant drops as demand tails off.
Buyer interest is 43pc below where it was a year ago, according to Zoopla, as higher interest rates chill the market.
The decline in interest has left more stock on the market, with estate agents listing 25 properties on average, compared to 14 a year ago.
Despite signs of cooling demand, Richard Donnell, executive director at Zoopla, said: “The housing market is arguably more balanced than it has been for more than three years.
“Levels of supply have recovered and buyers and sellers are not miles apart on where they see pricing and this means deals are being agreed at an increasing rate.
“Pricing levels are adjusting downwards compared to a year ago but fears of a major downturn in prices are overdone.
“Falling mortgage rates and a strong labour market are supporting activity levels from committed movers who need to be realistic on price if they are serious about moving home in 2023.”
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What happened overnight
Stocks struggled to make headway while the dollar nursed losses as signs of a slowing US labour market made investors nervous about the economic outlook.
Asia trade was thinned by holidays in Hong Kong and China, leaving MSCI’s Asia-Pacific index excluding Japan faring little better than flat.
Japan’s Nikkei fell 1.7pc to end at 27,813.26 and recorded its biggest one-day percentage fall since mid-March. Tokyo’s broader Topix index lost 1.9pc to 1,983.84.
Wall Street stocks declined on Tuesday as investors reacted to new data showing US job openings in February dropped to the lowest level in nearly two years.
The Dow Jones Industrial Average fell 0.6pc to 33,402.38, while the tech rich Nasdaq Composite declined by 0.5pc to 12,126.33.
The broad-based S&P 500 index lowered by 0.6pc to 4,100.6, following reports that new orders for US manufactured goods dropped for second consecutive month in February amid waning demand for civilian aircraft.
Meanwhile, yields on US government bonds retreated as signs of a slowing economy fuel bets that the Federal Reserve could loosen monetary policy.
The yield on two-year Treasuries, which typically move in line with interest rate expectations, shed 14 basis points to 3.840pc. The benchmark 10-year yield dipped nine basis points to 3.342pc.
