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Metros where homes are selling for the most under asking price


Sean Pavone // Shutterstock

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 as the Federal Reserve has raised its benchmark rates month after month to combat inflation. Even a half of a percentage point increase can have an outsized impact on the monthly payments required for a mortgage.

Since mortgage rates have been under 4% for the better part of the last decade, homebuyers have locked in mortgage rates that are far more affordable than what’s suddenly on offer in today’s high rate environment. And sellers aren’t exactly coming down on price – home prices are still increasing, just more slowly than they did from 2020-2021.

And yet there are still metro areas where home buyers are finding homes selling for below asking price.

Stacker analyzed data from Redfin to see which metros had the most homes sold under asking price. Data shows sales for the week ending 11/06/22. Metros where fewer than 12 homes were sold were excluded from this list. Metros are ranked based on the average sale to list ratio. This is a mean ratio of the home sale price divided by the list price.

In the first week of November 1,676 homes were sold across the 50 metro areas analyzed for a median sale price of just over $260,000.

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Kolossos // Wikimedia Commons

#50. Miami, FL metro area

– Average sale to list ratio: 0.962
– Total homes sold: 420
– Median sale price: $485,000



huangcolin // Shutterstock

#49. Clearlake, CA metro area

– Average sale to list ratio: 0.961
– Total homes sold: 16
– Median sale price: $282,500



WeaponizingArchitecture // Wikicommons

#48. Saginaw, MI metro area

– Average sale to list ratio: 0.961
– Total homes sold: 36
– Median sale price: $143,500



rossograph // Wikimedia Commons

#47. Shelbyville, TN metro area

– Average sale to list ratio: 0.961
– Total homes sold: 14
– Median sale price: $299,450



Jmancuso // Wikimedia Commons

#46. Utica, NY metro area

– Average sale to list ratio: 0.961
– Total homes sold: 37
– Median sale price: $182,500

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Roberto Galan // Shutterstock

#45. Jasper, IN metro area

– Average sale to list ratio: 0.960
– Total homes sold: 14
– Median sale price: $224,500



Ulf Nammert // Shutterstock

#44. Port Angeles, WA metro area

– Average sale to list ratio: 0.960
– Total homes sold: 14
– Median sale price: $464,500



Michael Deemer // Shutterstock

#43. Indiana, PA metro area

– Average sale to list ratio: 0.959
– Total homes sold: 14
– Median sale price: $165,500



Soglad2005 // Wikimedia Commons

#42. Macon, GA metro area

– Average sale to list ratio: 0.958
– Total homes sold: 41
– Median sale price: $248,000



TheCatalyst31 // Wikimedia Commons

#41. Farmington, MO metro area

– Average sale to list ratio: 0.957
– Total homes sold: 14
– Median sale price: $159,900

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Jacob Boomsma // Shutterstock

#40. Glenwood Springs, CO metro area

– Average sale to list ratio: 0.957
– Total homes sold: 32
– Median sale price: $737,500



Canva

#39. Muskogee, OK metro area

– Average sale to list ratio: 0.957
– Total homes sold: 16
– Median sale price: $149,200



Canva

#38. Mount Airy, NC metro area

– Average sale to list ratio: 0.957
– Total homes sold: 15
– Median sale price: $239,900



IanSkylake17 // Shutterstock

#37. Ashtabula, OH metro area

– Average sale to list ratio: 0.956
– Total homes sold: 16
– Median sale price: $137,750



OPMaster // Wikimedia Commons

#36. Bowling Green, KY metro area

– Average sale to list ratio: 0.956
– Total homes sold: 23
– Median sale price: $219,000

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Roman Eugeniusz // Wikimedia Commons

#35. Evansville, IN metro area

– Average sale to list ratio: 0.955
– Total homes sold: 64
– Median sale price: $152,250



Jeffrey B. Banke // Shutterstock

#34. Gardnerville Ranchos, NV metro area

– Average sale to list ratio: 0.955
– Total homes sold: 19
– Median sale price: $690,000



Carol Ann Mossa // Shutterstock

#33. Punta Gorda, FL metro area

– Average sale to list ratio: 0.955
– Total homes sold: 82
– Median sale price: $360,000



Jennifer Gottwald // Wikicommons

#32. Wenatchee, WA metro area

– Average sale to list ratio: 0.954
– Total homes sold: 32
– Median sale price: $521,500



Renelibrary // Wikicommons

#31. Sherman, TX metro area

– Average sale to list ratio: 0.954
– Total homes sold: 32
– Median sale price: $291,500

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Sharon Day // Shutterstock

#30. Hot Springs, AR metro area

– Average sale to list ratio: 0.954
– Total homes sold: 21
– Median sale price: $245,000



IvoShandor // Wikimedia Commons

#29. Sterling, IL metro area

– Average sale to list ratio: 0.954
– Total homes sold: 15
– Median sale price: $103,000



Nile Dean Meservy // Wikimedia Commons

#28. Logan, UT metro area

– Average sale to list ratio: 0.953
– Total homes sold: 24
– Median sale price: $462,500



Jacob Boomsma // Shutterstock

#27. Cañon City, CO metro area

– Average sale to list ratio: 0.953
– Total homes sold: 16
– Median sale price: $392,000



pubdog // Wikimedia Commons

#26. Erie, PA metro area

– Average sale to list ratio: 0.953
– Total homes sold: 46
– Median sale price: $149,950

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Paul Sableman // Wikimedia Commons

#25. Jacksonville, IL metro area

– Average sale to list ratio: 0.953
– Total homes sold: 16
– Median sale price: $124,750



Acroterion // Wikicommons

#24. Cumberland, MD metro area

– Average sale to list ratio: 0.952
– Total homes sold: 21
– Median sale price: $120,000



Robert Lawton // Wikimedia Commons

#23. Peoria, IL metro area

– Average sale to list ratio: 0.952
– Total homes sold: 101
– Median sale price: $130,000



Brian Stansberry // Wikimedia Commons

#22. Tullahoma, TN metro area

– Average sale to list ratio: 0.952
– Total homes sold: 24
– Median sale price: $270,000



Spiroview Inc // Shutterstock

#21. Corning, NY metro area

– Average sale to list ratio: 0.951
– Total homes sold: 15
– Median sale price: $166,900

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Chris Light // Wikimedia Commons

#20. Owensboro, KY metro area

– Average sale to list ratio: 0.951
– Total homes sold: 23
– Median sale price: $190,000



Hot Furnace // Wikimedia Commons

#19. Athens, TX metro area

– Average sale to list ratio: 0.950
– Total homes sold: 21
– Median sale price: $334,990



Stuart Monk // Shutterstock

#18. Key West, FL metro area

– Average sale to list ratio: 0.949
– Total homes sold: 22
– Median sale price: $805,000



Michael J. Kearney // Wikimedia Commons

#17. Clinton, IA metro area

– Average sale to list ratio: 0.948
– Total homes sold: 17
– Median sale price: $147,500



Roberto Galan // Shutterstock

#16. Paragould, AR metro area

– Average sale to list ratio: 0.948
– Total homes sold: 14
– Median sale price: $161,500

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IvoShandor // Wikimedia Commons

#15. Ottawa, IL metro area

– Average sale to list ratio: 0.947
– Total homes sold: 27
– Median sale price: $117,000



Roberto Galan // Shutterstock

#14. Poplar Bluff, MO metro area

– Average sale to list ratio: 0.947
– Total homes sold: 13
– Median sale price: $180,000



Jacob Boomsma // Shutterstock

#13. Fergus Falls, MN metro area

– Average sale to list ratio: 0.947
– Total homes sold: 18
– Median sale price: $257,500



Public Domain

#12. Las Cruces, NM metro area

– Average sale to list ratio: 0.946
– Total homes sold: 38
– Median sale price: $315,000



Alvin Feng // Wikimedia Commons

#11. Sandpoint, ID metro area

– Average sale to list ratio: 0.944
– Total homes sold: 17
– Median sale price: $580,000

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Nolichuckyjake // Shutterstock

#10. Shelby, NC metro area

– Average sale to list ratio: 0.940
– Total homes sold: 13
– Median sale price: $220,000



Canva

#9. Zanesville, OH metro area

– Average sale to list ratio: 0.937
– Total homes sold: 15
– Median sale price: $140,000



Prestinian // Wikimedia Commons

#8. Gadsden, AL metro area

– Average sale to list ratio: 0.935
– Total homes sold: 19
– Median sale price: $205,000



Derek Jensen (Tysto) // Wikimedia Commons

#7. Kendallville, IN metro area

– Average sale to list ratio: 0.934
– Total homes sold: 14
– Median sale price: $262,000



Tc65306n // Wikimedia Commons

#6. Pottsville, PA metro area

– Average sale to list ratio: 0.930
– Total homes sold: 35
– Median sale price: $101,100

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Jacob Boomsma // Shutterstock

#5. Hutchinson, KS metro area

– Average sale to list ratio: 0.926
– Total homes sold: 16
– Median sale price: $154,900



Patrick Feller//Flickr

#4. Lake Charles, LA metro area

– Average sale to list ratio: 0.922
– Total homes sold: 32
– Median sale price: $215,500



Jumping Rocks // Getty Images

#3. Ardmore, OK metro area

– Average sale to list ratio: 0.922
– Total homes sold: 26
– Median sale price: $136,000



Thomson200 // Wikimedia Commons

#2. Rome, GA metro area

– Average sale to list ratio: 0.916
– Total homes sold: 19
– Median sale price: $170,000



ROBERT SBARRA // Shutterstock

#1. New Castle, PA metro area

– Average sale to list ratio: 0.898
– Total homes sold: 27
– Median sale price: $140,000

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