WHERE ARE HOMES SELLING BELOW ASKING?

Where Are Homes Selling Below Asking?

Where Are Homes Selling Below Asking?

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Several Florida cities, including Crestview, Deltona and Ocala, are a boon for buyers, coming in among the top 50 U.S. cities that had the most homes sell under the asking in 2023.

MIAMI – It's a tough time to be in the market for a new house.

The average 30-year fixed rate mortgage rose above 7% at the start of November 2022, the highest level in more than a decade, as the Federal Reserve raised its benchmark rates to combat inflation. Rates have dipped slightly since but remain at historic highs. Even a half of a percentage point change can significantly affect the monthly payments required for a mortgage.

Since mortgage rates were under 4% for the better part of the past decade, many homebuyers locked in far more affordable rates than what's on offer in today's environment. And sellers aren't exactly coming down on price—nationally, home prices are still increasing, just more slowly than they did during the height of the pandemic.

The median sale price in November 2023 was $408,732, according to Redfin, 3.7% higher than the year before. And yet, there are still metro areas where homebuyers find homes selling below the asking price, especially in markets that recorded large price growth over the last few years.

Stacker analyzed data from Redfin to see which metros had the most homes sell under the asking price. Metros include the main city as well as its surrounding towns and suburbs. Metros with fewer than 300 home sales in November 2023 are excluded from this list. The ranking considers the average sale-to-list ratio, which is the difference between what a home listed for and how much a buyer actually paid. Also listed are the metro area's median listing prices for homes on the market in November and median sale prices for homes that sold during that month.

50. Fayetteville, Arkansas

Average price difference: -1.93% under asking

Median list price: $380,000

Median sale price: $348,000

Total homes sold: 705

Share that sold above list: 14.8%

49. Fort Worth, Texas

Average price difference: -1.94% under asking

Median list price: $358,279

Median sale price: $350,000

Total homes sold: 1,832

Share that sold above list: 20.6%

48. Louisville, Kentucky

Average price difference: -1.97% under asking

Median list price: $263,900

Median sale price: $260,000

Total homes sold: 1,194

Share that sold above list: 22.4%

47. Spartanburg, South Carolina

Average price difference: -2.00% under asking

Median list price: $301,344

Median sale price: $280,000

Total homes sold: 391

Share that sold above list: 12.8%

46. Augusta, Georgia

Average price difference: -2.01% under asking

Median list price: $295,000

Median sale price: $260,000

Total homes sold: 599

Share that sold above list: 19.0%

45. Killeen, Texas

Average price difference: -2.15% under asking

Median list price: $289,650

Median sale price: $262,750

Total homes sold: 400

Share that sold above list: 16.2%

44. Honolulu, Hawaii

Average price difference: -2.19% under asking

Median list price: $759,000

Median sale price: $684,500

Total homes sold: 492

Share that sold above list: 22.8%

43. Tulsa, Oklahoma

Average price difference: -2.21% under asking

Median list price: $268,250

Median sale price: $250,000

Total homes sold: 890

Share that sold above list: 27.1%

42. Dallas, Texas

Average price difference: -2.25% under asking

Median list price: $425,000

Median sale price: $413,500

Total homes sold: 3,960

Share that sold above list: 16.2%

41. Indianapolis, Indiana

Average price difference: -2.28% under asking

Median list price: $279,900

Median sale price: $289,350

Total homes sold: 2,250

Share that sold above list: 16.9%

40. Little Rock, Arkansas

Average price difference: -2.29% under asking

Median list price: $255,000

Median sale price: $215,912

Total homes sold: 619

Share that sold above list: 19.2%

39. Flint, Michigan

Average price difference: -2.30% under asking

Median list price: $179,900

Median sale price: $180,000

Total homes sold: 423

Share that sold above list: 26.0%

38. Myrtle Beach, South Carolina

Average price difference: -2.31% under asking

Median list price: $350,770

Median sale price: $325,885

Total homes sold: 1,502

Share that sold above list: 8.4%

37. Baton Rouge, Louisiana

Average price difference: -2.34% under asking

Median list price: $264,900

Median sale price: $260,000

Total homes sold: 600

Share that sold above list: 11.0%

36. Orlando, Florida

Average price difference: -2.35% under asking

Median list price: $405,000

Median sale price: $399,990

Total homes sold: 2,810

Share that sold above list: 13.3%

35. Gary, Indiana

Average price difference: -2.38% under asking

Median list price: $274,935

Median sale price: $264,950

Total homes sold: 606

Share that sold above list: 19.3%

34. Daphne, Alabama

Average price difference: -2.39% under asking

Median list price: $399,441

Median sale price: $368,500

Total homes sold: 388

Share that sold above list: 9.5%

33. Pensacola, Florida

Average price difference: -2.40% under asking

Median list price: $339,000

Median sale price: $324,450

Total homes sold: 560

Share that sold above list: 15.2%

32. Detroit, Michigan

Average price difference: -2.40% under asking

Median list price: $154,900

Median sale price: $171,750

Total homes sold: 1,520

Share that sold above list: 37.1%

31. Reno, Nevada

Average price difference: -2.41% under asking

Median list price: $529,900

Median sale price: $535,000

Total homes sold: 408

Share that sold above list: 15.4%

30. Tampa, Florida

Average price difference: -2.45% under asking

Median list price: $395,000

Median sale price: $377,990

Total homes sold: 4,019

Share that sold above list: 12.8%

29. North Port, Florida

Average price difference: -2.52% under asking

Median list price: $518,736

Median sale price: $469,472

Total homes sold: 1,643

Share that sold above list: 11.9%

28. Houston, Texas

Average price difference: -2.52% under asking

Median list price: $339,900

Median sale price: $326,990

Total homes sold: 6,164

Share that sold above list: 14.1%

27. Lafayette, Louisiana

Average price difference: -2.66% under asking

Median list price: $242,000

Median sale price: $220,000

Total homes sold: 310

Share that sold above list: 13.5%

26. Jacksonville, Florida

Average price difference: -2.75% under asking

Median list price: $369,000

Median sale price: $375,000

Total homes sold: 1,819

Share that sold above list: 12.7%

25. Peoria, Illinois

Average price difference: -2.75% under asking

Median list price: $139,900

Median sale price: $146,900

Total homes sold: 401

Share that sold above list: 27.2%

24. Palm Bay, Florida

Average price difference: -2.76% under asking

Median list price: $373,900

Median sale price: $354,900

Total homes sold: 892

Share that sold above list: 9.4%

23. Hilton Head Island, South Carolina

Average price difference: -2.76% under asking

Median list price: $525,084

Median sale price: $530,000

Total homes sold: 400

Share that sold above list: 11.0%

22. Ocala, Florida

Average price difference: -2.78% under asking

Median list price: $281,944

Median sale price: $275,000

Total homes sold: 710

Share that sold above list: 13.5%

21. Montgomery, Alabama

Average price difference: -2.85% under asking

Median list price: $234,500

Median sale price: $234,725

Total homes sold: 330

Share that sold above list: 13.0%

20. Pittsburgh, Pennsylvania

Average price difference: -2.87% under asking

Median list price: $218,000

Median sale price: $210,000

Total homes sold: 1,755

Share that sold above list: 28.3%

19. Memphis, Tennessee

Average price difference: -2.92% under asking

Median list price: $278,000

Median sale price: $269,000

Total homes sold: 998

Share that sold above list: 17.0%

18. Austin, Texas

Average price difference: -2.95% under asking

Median list price: $489,990

Median sale price: $425,000

Total homes sold: 2,003

Share that real estate sold above list: 12.0%

17. Deltona, Florida

Average price difference: -2.97% under asking

Median list price: $369,900

Median sale price: $351,995

Total homes sold: 984

Share that sold above list: 10.6%

16. Philadelphia, Pennsylvania

Average price difference: -3.15% under asking

Median list price: $260,000

Median sale price: $237,750

Total homes sold: 1,657

Share that sold above list: 26.5%

15. Crestview, Florida

Average price difference: -3.16% under asking

Median list price: $482,200

Median sale price: $409,900

Total homes sold: 519

Share that sold above list: 11.4%

14. Fort Lauderdale, Florida

Average price difference: -3.31% under asking

Median list price: $435,000

Median sale price: $426,000

Total homes sold: 1,946

Share that sold above list: 15.1%

13. Port St. Lucie, Florida

Average price difference: -3.34% under asking

Median list price: $429,900

Median sale price: $406,900

Total homes sold: 687

Share that sold above list: 10.6%

12. Cape Coral, Florida

Average price difference: -3.45% under asking

Median list price: $449,000

Median sale price: $395,000

Total homes sold: 1,318

Share that sold above list: 10.1%

11. Gulfport, Mississippi

Average price difference: -3.48% under asking

Median list price: $270,062

Median sale price: $249,650

Total homes sold: 380

Share that sold above list: 12.9%

10. Miami, Florida

Average price difference: -3.57% under asking

Median list price: $580,000

Median sale price: $515,000

Total homes sold: 1,772

Share that sold above list: 14.8%

9. Punta Gorda, Florida

Average price difference: -3.57% under asking

Median list price: $389,999

Median sale price: $353,248

Total homes sold: 488

Share that sold above list: 8.0%

8. Panama City, Florida

Average price difference: -3.83% under asking

Median list price: $399,900

Median sale price: $360,000

Total homes sold: 315

Share that sold above list: 8.9%

7. San Antonio, Texas

Average price difference: -3.92% under asking

Median list price: $319,999

Median sale price: $295,000

Total homes sold: 2,156

Share that sold above list: 13.4%

6. Springfield, Missouri

Average price difference: -3.98% under asking

Median list price: $249,900

Median sale price: $264,400

Total homes sold: 465

Share that sold above list: 0.6%

5. Naples, Florida

Average price difference: -4.02% under asking

Median list price: $829,900

Median sale price: $601,000

Total homes sold: 595

Share that sold above list: 6.6%

4. West Palm Beach, Florida

Average price difference: -4.11% under asking

Median list price: $516,000

Median sale price: $460,000

Total homes sold: 1,764

Share that sold above list: 8.9%

3. New Orleans, Louisiana

Average price difference: -4.24% under asking

Median list price: $291,900

Median sale price: $268,000

Total homes sold: 776

Share that sold above list: 11.7%

2. Youngstown, Ohio

Average price difference: -4.36% under asking

Median list price: $149,900

Median sale price: $150,000

Total homes sold: 437

Share that sold above list: 25.4%

1. Jackson, Mississippi

Average price difference: -4.55% under asking

Median list price: $229,450

Median sale price: $210,000

Total homes sold: 431

Share that sold above list: 16.2%

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