If your house isn't selling in this market then yes, a substantial price cut is in order

After 26 days on the MLS 33 Grossett Road, new construction in Riverside, has restructured its pricing and now requests $7.195 million, instead of $7.950. It’s fair to surmise that offers beginning with a “7” haven’t been rolling in.

UPDATE: Reader Robin Proctor reminds me that this same house sold new on December 17, 2020, for $5.450 million. Make of that what you will.