Metros where homes are selling for the most under asking price
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Metros where homes are selling for the most under asking price
A for sale sign with a sold sticker in front of a white suburban house.
It’s a tough time to be in the market for a new house. As peak homebuying season is underway, homebuyers are competing for a smaller number of homes, sending prices higher.
The median sale price in June was $442,525, 4% higher than the year before. Of homes that sold, 35.1% went for above its list price.
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 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. However, there are some places where buyers are starting to have the upper hand, especially in markets that have recorded large price growth over the last few years.
Stacker analyzed data from Redfin to see where homes are selling for the most below the asking price. Metros, which include the main city as well is its surrounding town and suburbs, are ranked by the average sale-to-list ratio, which is the difference between what a home listed for and how much a buyer paid. Metros with fewer than 300 home sales are excluded from this list. Also shown are the metro area’s median listing prices for homes on the market and median sale prices for homes that sold during that month.
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Valiik30 // Shutterstock
#50. Tulsa, Oklahoma
– Average price difference: 1.69% below list
— Median list price: $289,500
— Median sale price: $285,000
– Total homes sold: 1,105
— Share that sold above list: 26%
Nate Hovee // Shutterstock
#49. Phoenix, Arizona
– Average price difference: 1.7% below list
— Median list price: $479,945
— Median sale price: $464,990
– Total homes sold: 5,843
— Share that sold above list: 17.2%
Eduardo Medrano // Shutterstock
#48. Little Rock, Arkansas
– Average price difference: 1.7% below list
— Median list price: $248,700
— Median sale price: $250,000
– Total homes sold: 876
— Share that sold above list: 21.7%
Sean Pavone // Shutterstock
#47. Oklahoma City, Oklahoma
– Average price difference: 1.72% below list
— Median list price: $279,900
— Median sale price: $270,000
– Total homes sold: 1,905
— Share that sold above list: 22.8%
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#46. Springfield, Missouri
– Average price difference: 1.76% below list
— Median list price: $279,900
— Median sale price: $279,900
– Total homes sold: 637
— Share that sold above list: 0.2%
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#45. Dallas, Texas
– Average price difference: 1.79% below list
— Median list price: $455,011
— Median sale price: $432,825
– Total homes sold: 5,337
— Share that sold above list: 18.9%
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#44. Gary, Indiana
– Average price difference: 1.81% below list
— Median list price: $309,900
— Median sale price: $285,000
– Total homes sold: 731
— Share that sold above list: 29%
Rob Hainer // Shutterstock
#43. Lakeland, Florida
– Average price difference: 1.83% below list
— Median list price: $339,000
— Median sale price: $321,990
– Total homes sold: 1,401
— Share that sold above list: 15%
Giorgia Basso // Shutterstock
#42. Killeen, Texas
– Average price difference: 1.87% below list
— Median list price: $290,000
— Median sale price: $284,500
– Total homes sold: 513
— Share that sold above list: 13.6%
vmfreire // Shutterstock
#41. Tallahassee, Florida
– Average price difference: 1.90% below list
— Median list price: $319,950
— Median sale price: $307,950
– Total homes sold: 428
— Share that sold above list: 20.3%
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#40. Evansville, Indiana
– Average price difference: 1.96% below list
— Median list price: $225,000
— Median sale price: $225,000
– Total homes sold: 306
— Share that sold above list: 31%
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#39. Hilton Head Island, South Carolina
– Average price difference: 2.01% below list
— Median list price: $558,950
— Median sale price: $520,000
– Total homes sold: 679
— Share that sold above list: 12.2%
Philip Lange // Shutterstock
#38. Baton Rouge, Louisiana
– Average price difference: 2.10% below list
— Median list price: $285,000
— Median sale price: $270,000
– Total homes sold: 815
— Share that sold above list: 13.6%
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#37. Lake Havasu City, Arizona
– Average price difference: 2.18% below list
— Median list price: $349,950
— Median sale price: $350,000
– Total homes sold: 322
— Share that sold above list: 10.6%
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#36. McAllen, Texas
– Average price difference: 2.20% below list
— Median list price: $270,000
— Median sale price: $254,400
– Total homes sold: 375
— Share that sold above list: 16.3%
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Songquan Deng // Shutterstock
#35. Orlando, Florida
– Average price difference: 2.23% below list
— Median list price: $429,945
— Median sale price: $411,295
– Total homes sold: 3,444
— Share that sold above list: 14.1%
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#34. Prescott Valley, Arizona
– Average price difference: 2.31% below list
— Median list price: $585,000
— Median sale price: $549,500
– Total homes sold: 364
— Share that sold above list: 8%
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#33. Houston, Texas
– Average price difference: 2.36% below list
— Median list price: $365,000
— Median sale price: $348,000
– Total homes sold: 7,624
— Share that sold above list: 16.3%
Colin D. Young // Shutterstock
#32. Pensacola, Florida
– Average price difference: 2.37% below list
— Median list price: $350,000
— Median sale price: $340,000
– Total homes sold: 885
— Share that sold above list: 13.2%
Sean Pavone // Shutterstock
#31. San Antonio, Texas
– Average price difference: 2.38% below list
— Median list price: $329,990
— Median sale price: $315,000
– Total homes sold: 2,840
— Share that sold above list: 12.6%
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H.J. Herrera // Shutterstock
#30. Ocala, Florida
– Average price difference: 2.40% below list
— Median list price: $294,900
— Median sale price: $275,000
– Total homes sold: 913
— Share that sold above list: 12.4%
ESB Professional // Shutterstock
#29. Jacksonville, Florida
– Average price difference: 2.42% below list
— Median list price: $395,000
— Median sale price: $385,000
– Total homes sold: 2,552
— Share that sold above list: 13.1%
StacieStauffSmith Photos // Shutterstock
#28. Myrtle Beach, South Carolina
– Average price difference: 2.46% below list
— Median list price: $349,700
— Median sale price: $339,900
– Total homes sold: 1,777
— Share that sold above list: 8.6%
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#27. Austin, Texas
– Average price difference: 2.47% below list
— Median list price: $485,670
— Median sale price: $452,500
– Total homes sold: 2,656
— Share that sold above list: 13.9%
AevanStock // Shutterstock
#26. Tampa, Florida
– Average price difference: 2.48% below list
— Median list price: $405,000
— Median sale price: $390,000
– Total homes sold: 4,929
— Share that sold above list: 13.7%
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#25. Kingsport, Tennessee
– Average price difference: 2.56% below list
— Median list price: $312,500
— Median sale price: $269,500
– Total homes sold: 308
— Share that sold above list: 21.8%
Thomas Kelley // Shutterstock
#24. Palm Bay, Florida
– Average price difference: 2.58% below list
— Median list price: $385,000
— Median sale price: $354,310
– Total homes sold: 1,049
— Share that sold above list: 10.1%
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#23. Daphne, Alabama
– Average price difference: 2.59% below list
— Median list price: $439,000
— Median sale price: $380,000
– Total homes sold: 587
— Share that sold above list: 7.5%
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#22. Montgomery, Alabama
– Average price difference: 2.66% below list
— Median list price: $274,900
— Median sale price: $259,950
– Total homes sold: 490
— Share that sold above list: 14.9%
Sean Pavone // Shutterstock
#21. Gulfport, Mississippi
– Average price difference: 2.71% below list
— Median list price: $259,900
— Median sale price: $250,500
– Total homes sold: 514
— Share that sold above list: 11.7%
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#20. Memphis, Tennessee
– Average price difference: 2.71% below list
— Median list price: $300,000
— Median sale price: $289,450
– Total homes sold: 1,253
— Share that sold above list: 16.9%
Sean Pavone // Shutterstock
#19. Shreveport, Louisiana
– Average price difference: 2.77% below list
— Median list price: $247,542
— Median sale price: $248,500
– Total homes sold: 327
— Share that sold above list: 10.7%
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#18. Mobile, Alabama
– Average price difference: 2.78% below list
— Median list price: $234,400
— Median sale price: $225,900
– Total homes sold: 387
— Share that sold above list: 23.3%
Jacob Boomsma // Shutterstock
#17. Lafayette, Louisiana
– Average price difference: 2.88% below list
— Median list price: $249,999
— Median sale price: $233,450
– Total homes sold: 354
— Share that sold above list: 13.6%
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#16. Crestview, Florida
– Average price difference: 2.99% below list
— Median list price: $498,500
— Median sale price: $445,000
– Total homes sold: 681
— Share that sold above list: 9%
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#15. Gainesville, Florida
– Average price difference: 2.99% below list
— Median list price: $339,250
— Median sale price: $320,000
– Total homes sold: 443
— Share that sold above list: 14.2%
MyArt4U // Shutterstock
#14. Deltona, Florida
– Average price difference: 3.08% below list
— Median list price: $385,000
— Median sale price: $359,990
– Total homes sold: 1,328
— Share that sold above list: 8.8%
Sean Pavone // Shutterstock
#13. Jackson, Mississippi
– Average price difference: 3.08% below list
— Median list price: $275,000
— Median sale price: $264,000
– Total homes sold: 470
— Share that sold above list: 16%
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#12. Homosassa Springs, Florida
– Average price difference: 3.14% below list
— Median list price: $297,500
— Median sale price: $290,000
– Total homes sold: 313
— Share that sold above list: 10.5%
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#11. Panama City, Florida
– Average price difference: 3.22% below list
— Median list price: $385,000
— Median sale price: $350,000
– Total homes sold: 435
— Share that sold above list: 8.5%
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#10. Sebastian, Florida
– Average price difference: 3.40% below list
— Median list price: $393,475
— Median sale price: $388,000
– Total homes sold: 303
— Share that sold above list: 8.6%
TFoxFoto // Shutterstock
#9. New Orleans, Louisiana
– Average price difference: 3.52% below list
— Median list price: $299,999
— Median sale price: $291,045
– Total homes sold: 1,025
— Share that sold above list: 13.8%
Pat McGinley // Shutterstock
#8. North Port, Florida
– Average price difference: 3.56% below list
— Median list price: $479,900
— Median sale price: $457,530
– Total homes sold: 2,041
— Share that sold above list: 5.2%
Felix Mizioznikov // Shutterstock
#7. Port St. Lucie, Florida
– Average price difference: 3.65% below list
— Median list price: $429,500
— Median sale price: $417,165
– Total homes sold: 863
— Share that sold above list: 8.3%
mariakray // Shutterstock
#6. Fort Lauderdale, Florida
– Average price difference: 3.68% below list
— Median list price: $465,000
— Median sale price: $480,000
– Total homes sold: 2,295
— Share that sold above list: 12.3%
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#5. Cape Coral, Florida
– Average price difference: 3.71% below list
— Median list price: $415,399
— Median sale price: $390,500
– Total homes sold: 1,620
— Share that sold above list: 8.5%
Khairil Azhar Junos // Shutterstock
#4. Punta Gorda, Florida
– Average price difference: 3.79% below list
— Median list price: $365,000
— Median sale price: $340,000
– Total homes sold: 594
— Share that sold above list: 7.1%
Sean Pavone // Shutterstock
#3. Miami, Florida
– Average price difference: 4.02% below list
— Median list price: $585,000
— Median sale price: $555,000
– Total homes sold: 2,192
— Share that sold above list: 11.4%
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#2. West Palm Beach, Florida
– Average price difference: 4.60% below list
— Median list price: $510,000
— Median sale price: $525,205
– Total homes sold: 2,169
— Share that sold above list: 7.3%
Andriy Blokhin // Shutterstock
#1. Naples, Florida
– Average price difference: 5.06% below list
— Median list price: $657,000
— Median sale price: $610,000
– Total homes sold: 803
— Share that sold above list: 4%
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