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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 raises its benchmark rates month after month to combat inflation. While dipping slightly since then, rates remain above 6%. Even a half of a percentage point change 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 past decade, homebuyers have locked in rates that are far more affordable than what’s suddenly on offer in today’s environment. And sellers aren’t exactly coming down on price—home prices are still increasing, just more slowly than they did during the height of the pandemic.

And yet there are still metro areas where homebuyers 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 month of February 2023. Metros where fewer than 300 homes were sold were excluded from this list, and the 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. Values were rounded to the nearest hundredth of a percent.

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#25. Cleveland, OH metro area

– Average sale to list ratio: 0.97
– Median list price: $194,900
– Median sale price: $179,900
– Total homes sold: 1,556

Pat McGinley // Shutterstock

#24. North Port, FL metro area

– Average sale to list ratio: 0.97
– Median list price: $511,571
– Median sale price: $455,000
– Total homes sold: 1,526

Jacob Boomsma // Shutterstock

#23. Gary, IN metro area

– Average sale to list ratio: 0.97
– Median list price: $254,900
– Median sale price: $248,700
– Total homes sold: 510

Jonathan Zander // Wikicommons’

#22. Jacksonville, FL metro area

– Average sale to list ratio: 0.97
– Median list price: $360,990
– Median sale price: $345,000
– Total homes sold: 1,997

Pixabay

#21. Austin, TX metro area

– Average sale to list ratio: 0.97
– Median list price: $505,000
– Median sale price: $438,000
– Total homes sold: 2,011

Woodlot // Wikimedia

#20. Gulfport, MS metro area

– Average sale to list ratio: 0.97
– Median list price: $250,000
– Median sale price: $226,000
– Total homes sold: 360

Michlaovic // Wikimedia

#19. Jackson, MS metro area

– Average sale to list ratio: 0.97
– Median list price: $234,950
– Median sale price: $254,500
– Total homes sold: 302

Sanibel Sun // WikiCommons

#18. Cape Coral, FL metro area

– Average sale to list ratio: 0.97
– Median list price: $450,000
– Median sale price: $400,000
– Total homes sold: 1,506

Flintmichigan // Wikicommons

#17. Flint, MI metro area

– Average sale to list ratio: 0.97
– Median list price: $179,900
– Median sale price: $170,000
– Total homes sold: 306

KeanoManu // Wikimedia Commons

#16. Fort Lauderdale, FL metro area

– Average sale to list ratio: 0.97
– Median list price: $395,000
– Median sale price: $390,000
– Total homes sold: 1,908

Yinan Chen // Wikimedia

#15. Deltona, FL metro area

– Average sale to list ratio: 0.97
– Median list price: $374,338
– Median sale price: $335,000
– Total homes sold: 1,095

Altairisfar // Wikicommons

#14. Mobile, AL metro area

– Average sale to list ratio: 0.97
– Median list price: $200,000
– Median sale price: $201,000
– Total homes sold: 327

Michael Shake // Shutterstock

#13. Toledo, OH metro area

– Average sale to list ratio: 0.97
– Median list price: $159,900
– Median sale price: $145,000
– Total homes sold: 445

Robert Lawton // Wikimedia

#12. Peoria, IL metro area

– Average sale to list ratio: 0.96
– Median list price: $134,900
– Median sale price: $125,500
– Total homes sold: 344

f11photo // Shutterstock

#11. Philadelphia, PA metro area

– Average sale to list ratio: 0.96
– Median list price: $265,000
– Median sale price: $235,000
– Total homes sold: 1,256

PhotosByMahin // Pixabay

#10. Detroit, MI metro area

– Average sale to list ratio: 0.96
– Median list price: $148,900
– Median sale price: $160,000
– Total homes sold: 1,174

Felix Mizioznikov // Shutterstock

#9. Port St. Lucie, FL metro area

– Average sale to list ratio: 0.96
– Median list price: $415,000
– Median sale price: $374,740
– Total homes sold: 706

Pedro Szekely // flickr

#8. New Orleans, LA metro area

– Average sale to list ratio: 0.96
– Median list price: $297,000
– Median sale price: $268,000
– Total homes sold: 770

j.s. clark // Wikimedia Commons

#7. Panama City, FL metro area

– Average sale to list ratio: 0.96
– Median list price: $395,450
– Median sale price: $349,950
– Total homes sold: 359

ESB Professional // Shutterstock

#6. Pittsburgh, PA metro area

– Average sale to list ratio: 0.96
– Median list price: $213,250
– Median sale price: $190,000
– Total homes sold: 1,356

FloridaStock // Shutterstock

#5. Naples, FL metro area

– Average sale to list ratio: 0.96
– Median list price: $775,000
– Median sale price: $615,000
– Total homes sold: 752

Kolossos // Wikimedia Commons

#4. Miami, FL metro area

– Average sale to list ratio: 0.96
– Median list price: $550,000
– Median sale price: $480,000
– Total homes sold: 1,710

D Ramey Logan // Wikimedia Commons

#3. West Palm Beach, FL metro area

– Average sale to list ratio: 0.96
– Median list price: $480,000
– Median sale price: $445,000
– Total homes sold: 1,849

Jack Pearce // Wikimedia Commons

#2. Youngstown, OH metro area

– Average sale to list ratio: 0.95
– Median list price: $149,900
– Median sale price: $139,000
– Total homes sold: 317

Jose Kevo // Wikicommons

#1. Springfield, MO metro area

– Average sale to list ratio: 0.95
– Median list price: $267,450
– Median sale price: $244,900
– Total homes sold: 421