Metros where homes are selling for the most under asking price
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: $348,000Total 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: $350,000Total 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: $260,000Total 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: $280,000Total 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: $260,000Total 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: $262,750Total 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: $684,500Total 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: $250,000Total 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: $413,500Total 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: $289,350Total 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: $215,912Total 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: $180,000Total 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: $325,885Total 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: $260,000Total 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: $399,990Total 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: $264,950Total 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: $368,500Total 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: $324,450Total 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: $171,750Total 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: $535,000Total 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: $377,990Total 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: $469,472Total 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: $326,990Total 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: $220,000Total 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: $375,000Total 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: $146,900Total 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: $354,900Total 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: $530,000Total 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: $275,000Total 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: $234,725Total 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: $210,000Total 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: $269,000Total 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: $425,000Total homes sold: 2,003
— Share that sold above list: 12.0%
17. Deltona, Florida
Average price difference: -2.97% under asking
— Median list price: $369,900
— Median sale price: $351,995Total 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: $237,750Total 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: $409,900Total 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: $426,000Total 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: $406,900Total 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: $395,000Total 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: $249,650Total 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: $515,000Total 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: $353,248Total 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: $360,000Total 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: $295,000Total 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: $264,400Total 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: $601,000Total 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: $460,000Total 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: $268,000Total 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: $150,000Total 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: $210,000Total homes sold: 431
— Share that sold above list: 16.2%
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