Metros where homes are selling for the most under asking price
Published 6:30 pm Tuesday, February 7, 2023
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 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 from 2020-21.
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 December 2022. 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.
You may also like: Metros where people owe more than their homes are worth
Distrito Medico Monterrey // Flickr
#50. McAllen, TX metro area
– Average sale-to-list ratio: 0.98
– Median list price: $250,000
– Median sale price: $225,000
– Total homes sold: 317
Caleb Long // Wikimedia
#49. Tulsa, OK metro area
– Average sale-to-list ratio: 0.98
– Median list price: $258,500
– Median sale price: $235,000
– Total homes sold: 956
Bill Fitzpatrick // Wikicommons
#48. Spartanburg, SC metro area
– Average sale-to-list ratio: 0.98
– Median list price: $274,945
– Median sale price: $274,000
– Total homes sold: 405
JamesPatrick.pro // Shutterstock
#47. Davenport, IA metro area
– Average sale-to-list ratio: 0.98
– Median list price: $139,900
– Median sale price: $156,000
– Total homes sold: 356
Jeffness // Wikimedia Commons
#46. Lansing, MI metro area
– Average sale-to-list ratio: 0.98
– Median list price: $175,000
– Median sale price: $182,500
– Total homes sold: 463
M Floyd // Flickr
#45. Birmingham, AL metro area
– Average sale-to-list ratio: 0.98
– Median list price: $249,000
– Median sale price: $265,000
– Total homes sold: 902
FloNight // Wikimedia Commons
#44. Lexington, KY metro area
– Average sale-to-list ratio: 0.98
– Median list price: $295,000
– Median sale price: $285,000
– Total homes sold: 413
Alan Botting // Wikimedia Commons
#43. Dallas, TX metro area
– Average sale to list ratio: 0.97
– Median list price: $387,400
– Median sale price: $402,000
– Total homes sold: 4,324
Flintmichigan // Wikicommons
#42. Flint, MI metro area
– Average sale-to-list ratio: 0.97
– Median list price: $144,950
– Median sale price: $185,000
– Total homes sold: 370
Noel Pennington//Flickr
#41. Memphis, TN metro area
– Average sale-to-list ratio: 0.97
– Median list price: $250,000
– Median sale price: $259,450
– Total homes sold: 1,052
Jodybwiki // Wikimedia Commons
#40. Daphne, AL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $415,000
– Median sale price: $385,000
– Total homes sold: 481
Alycat // Wikimedia Commons
#39. Canton, OH metro area
– Average sale-to-list ratio: 0.97
– Median list price: $159,900
– Median sale price: $175,000
– Total homes sold: 356
Sleepydre // Wikicommons
#38. Akron, OH metro area
– Average sale-to-list ratio: 0.97
– Median list price: $170,000
– Median sale price: $174,700
– Total homes sold: 664
Canva
#37. Cleveland, OH metro area
– Average sale-to-list ratio: 0.97
– Median list price: $161,200
– Median sale price: $192,500
– Total homes sold: 2,069
Blankfaze // Wikimedia Commons
#36. Pensacola, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $337,900
– Median sale price: $318,950
– Total homes sold: 692
Luv24jmg // Wikimedia Commons
#35. Ocala, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $299,000
– Median sale price: $269,000
– Total homes sold: 638
MicheleHaro // Wikimedia
#34. Palm Bay, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $357,000
– Median sale price: $349,870
– Total homes sold: 959
Songquan Deng // Shutterstock
#33. Orlando, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $399,989
– Median sale price: $385,000
– Total homes sold: 3,010
Jacob Boomsma // Shutterstock
#32. Lafayette, LA metro area
– Average sale-to-list ratio: 0.97
– Median list price: $245,250
– Median sale price: $220,000
– Total homes sold: 327
Altairisfar // Wikicommons
#31. Mobile, AL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $199,900
– Median sale price: $199,000
– Total homes sold: 303
Alvesgaspar // Wikimedia
#30. Tampa, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $375,000
– Median sale price: $369,990
– Total homes sold: 4,215
Ebyabe // Wikicommons
#29. Crestview, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $480,000
– Median sale price: $449,098
– Total homes sold: 639
Pat McGinley // Shutterstock
#28. North Port, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $508,327
– Median sale price: $450,000
– Total homes sold: 1,547
Jacob Boomsma // Shutterstock
#27. Gary, IN metro area
– Average sale-to-list ratio: 0.97
– Median list price: $239,950
– Median sale price: $240,000
– Total homes sold: 632
Chris Pruitt // wikicommons
#26. Montgomery, AL metro area
– Average sale to list ratio: 0.97
– Median list price: $199,900
– Median sale price: $224,950
– Total homes sold: 360
skeeze // Pixabay
#25. Houston, TX metro area
– Average sale-to-list ratio: 0.97
– Median list price: $325,000
– Median sale price: $330,000
– Total homes sold: 6,426
Felix Mizioznikov // Shutterstock
#24. Port St. Lucie, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $399,995
– Median sale price: $385,000
– Total homes sold: 710
randy andy // Shutterstock
#23. Las Vegas, NV metro area
– Average sale-to-list ratio: 0.97
– Median list price: $410,000
– Median sale price: $400,000
– Total homes sold: 1,997
Michael Shake // Shutterstock
#22. Toledo, OH metro area
– Average sale-to-list ratio: 0.97
– Median list price: $139,900
– Median sale price: $153,000
– Total homes sold: 550
f11photo // Shutterstock
#21. Philadelphia, PA metro area
– Average sale-to-list ratio: 0.97
– Median list price: $234,450
– Median sale price: $259,000
– Total homes sold: 1,498
Alexbaumgarner // Wikimedia
#20. Rockford, IL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $139,950
– Median sale price: $161,000
– Total homes sold: 309
Woodlot // Wikimedia
#19. Gulfport, MS metro area
– Average sale-to-list ratio: 0.97
– Median list price: $218,500
– Median sale price: $225,000
– Total homes sold: 417
DPPed// Wikimedia
#18. Phoenix, AZ metro area
– Average sale-to-list ratio: 0.97
– Median list price: $445,475
– Median sale price: $425,000
– Total homes sold: 4,703
Sanibel Sun // WikiCommons
#17. Cape Coral, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $430,000
– Median sale price: $384,945
– Total homes sold: 1,400
Jonathan Zander // Wikicommons’
#16. Jacksonville, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $355,000
– Median sale price: $350,000
– Total homes sold: 2,066
j.s. clark // Wikimedia Commons
#15. Panama City, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $385,000
– Median sale price: $359,429
– Total homes sold: 409
Lómelinde // Wikicommons
#14. Reno, NV metro area
– Average sale-to-list ratio: 0.97
– Median list price: $509,970
– Median sale price: $499,425
– Total homes sold: 424
Yinan Chen // Wikimedia
#13. Deltona, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $354,495
– Median sale price: $339,900
– Total homes sold: 1,023
KeanoManu // Wikimedia Commons
#12. Fort Lauderdale, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $395,000
– Median sale price: $380,000
– Total homes sold: 2,057
PhotosByMahin // Pixabay
#11. Detroit, MI metro area
– Average sale-to-list ratio: 0.97
– Median list price: $127,700
– Median sale price: $163,000
– Total homes sold: 1,492
Carol Ann Mossa // Shutterstock
#10. Punta Gorda, FL metro area
– Average sale-to-list ratio: 0.97
– Median list price: $399,999
– Median sale price: $365,000
– Total homes sold: 348
Pedro Szekely // flickr
#9. New Orleans, LA metro area
– Average sale to list ratio: 0.96
– Median list price: $285,000
– Median sale price: $280,000
– Total homes sold: 914
Robert Lawton // Wikimedia
#8. Peoria, IL metro area
– Average sale-to-list ratio: 0.96
– Median list price: $120,000
– Median sale price: $126,500
– Total homes sold: 411
Kolossos // Wikimedia Commons
#7. Miami, FL metro area
– Average sale-to-list ratio: 0.96
– Median list price: $530,000
– Median sale price: $455,000
– Total homes sold: 1,879
Michlaovic // Wikimedia
#6. Jackson, MS metro area
– Average sale-to-list ratio: 0.96
– Median list price: $207,000
– Median sale price: $239,450
– Total homes sold: 394
Pixabay
#5. Austin, TX metro area
– Average sale-to-list ratio: 0.96
– Median list price: $485,000
– Median sale price: $457,990
– Total homes sold: 2,382
FloridaStock // Shutterstock
#4. Naples, FL metro area
– Average sale-to-list ratio: 0.96
– Median list price: $799,450
– Median sale price: $580,000
– Total homes sold: 687
ESB Professional // Shutterstock
#3. Pittsburgh, PA metro area
– Average sale-to-list ratio: 0.96
– Median list price: $179,000
– Median sale price: $196,750
– Total homes sold: 1,882
D Ramey Logan // Wikimedia Commons
#2. West Palm Beach, FL metro area
– Average sale-to-list ratio: 0.96
– Median list price: $465,000
– Median sale price: $415,000
– Total homes sold: 1,907
Jack Pearce // Wikimedia Commons
#1. Youngstown, OH metro area
– Average sale-to-list ratio: 0.96
– Median list price: $127,000
– Median sale price: $135,000
– Total homes sold: 459