Where Are Homes Selling Below Asking?

Several Florida cities, including Crestview, Deltona and Ocala, are a boon for buyers, coming in among the top 50 U.S. cities that had the most homes sell under the asking in 2023.MIAMI – 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, ArkansasAverage price difference: -1.93% under askingMedian list price: $380,000Median sale price: $348,000Total homes sold: 705Share that sold above list: 14.8%49. Fort Worth, TexasAverage price difference: -1.94% under askingMedian list price: $358,279Median sale price: $350,000Total homes sold: 1,832Share that sold above list: 20.6%48. Louisville, KentuckyAverage price difference: -1.97% under askingMedian list price: $263,900Median sale price: $260,000Total homes sold: 1,194Share that sold above list: 22.4%47. Spartanburg, South CarolinaAverage price difference: -2.00% under askingMedian list price: $301,344Median sale price: $280,000Total homes sold: 391Share that sold above list: 12.8%46. Augusta, GeorgiaAverage price difference: -2.01% under askingMedian list price: $295,000Median sale price: $260,000Total homes sold: 599Share that sold above list: 19.0%45. Killeen, TexasAverage price difference: -2.15% under askingMedian list price: $289,650Median sale price: $262,750Total homes sold: 400Share that sold above list: 16.2%44. Honolulu, HawaiiAverage price difference: -2.19% under askingMedian list price: $759,000Median sale price: $684,500Total homes sold: 492Share that sold above list: 22.8%43. Tulsa, OklahomaAverage price difference: -2.21% under askingMedian list price: $268,250Median sale price: $250,000Total homes sold: 890Share that sold above list: 27.1%42. Dallas, TexasAverage price difference: -2.25% under askingMedian list price: $425,000Median sale price: $413,500Total homes sold: 3,960Share that sold above list: 16.2%41. Indianapolis, IndianaAverage price difference: -2.28% under askingMedian list price: $279,900Median sale price: $289,350Total homes sold: 2,250Share that sold above list: 16.9%40. Little Rock, ArkansasAverage price difference: -2.29% under askingMedian list price: $255,000Median sale price: $215,912Total homes sold: 619Share that sold above list: 19.2%39. Flint, MichiganAverage price difference: -2.30% under askingMedian list price: $179,900Median sale price: $180,000Total homes sold: 423Share that sold above list: 26.0%38. Myrtle Beach, South CarolinaAverage price difference: -2.31% under askingMedian list price: $350,770Median sale price: $325,885Total homes sold: 1,502Share that sold above list: 8.4%37. Baton Rouge, LouisianaAverage price difference: -2.34% under askingMedian list price: $264,900Median sale price: $260,000Total homes sold: 600Share that sold above list: 11.0%36. Orlando, FloridaAverage price difference: -2.35% under askingMedian list price: $405,000Median sale price: $399,990Total homes sold: 2,810Share that sold above list: 13.3%35. Gary, IndianaAverage price difference: -2.38% under askingMedian list price: $274,935Median sale price: $264,950Total homes sold: 606Share that sold above list: 19.3%34. Daphne, AlabamaAverage price difference: -2.39% under askingMedian list price: $399,441Median sale price: $368,500Total homes sold: 388Share that sold above list: 9.5%33. Pensacola, FloridaAverage price difference: -2.40% under askingMedian list price: $339,000Median sale price: $324,450Total homes sold: 560Share that sold above list: 15.2%32. Detroit, MichiganAverage price difference: -2.40% under askingMedian list price: $154,900Median sale price: $171,750Total homes sold: 1,520Share that sold above list: 37.1%31. Reno, NevadaAverage price difference: -2.41% under askingMedian list price: $529,900Median sale price: $535,000Total homes sold: 408Share that sold above list: 15.4%30. Tampa, FloridaAverage price difference: -2.45% under askingMedian list price: $395,000Median sale price: $377,990Total homes sold: 4,019Share that sold above list: 12.8%29. North Port, FloridaAverage price difference: -2.52% under askingMedian list price: $518,736Median sale price: $469,472Total homes sold: 1,643Share that sold above list: 11.9%28. Houston, TexasAverage price difference: -2.52% under askingMedian list price: $339,900Median sale price: $326,990Total homes sold: 6,164Share that sold above list: 14.1%27. Lafayette, LouisianaAverage price difference: -2.66% under askingMedian list price: $242,000Median sale price: $220,000Total homes sold: 310Share that sold above list: 13.5%26. Jacksonville, FloridaAverage price difference: -2.75% under askingMedian list price: $369,000Median sale price: $375,000Total homes sold: 1,819Share that sold above list: 12.7%25. Peoria, IllinoisAverage price difference: -2.75% under askingMedian list price: $139,900Median sale price: $146,900Total homes sold: 401Share that sold above list: 27.2%24. Palm Bay, FloridaAverage price difference: -2.76% under askingMedian list price: $373,900Median sale price: $354,900Total homes sold: 892Share that sold above list: 9.4%23. Hilton Head Island, South CarolinaAverage price difference: -2.76% under askingMedian list price: $525,084Median sale price: $530,000Total homes sold: 400Share that sold above list: 11.0%22. Ocala, FloridaAverage price difference: -2.78% under askingMedian list price: $281,944Median sale price: $275,000Total homes sold: 710Share that sold above list: 13.5%21. Montgomery, AlabamaAverage price difference: -2.85% under askingMedian list price: $234,500Median sale price: $234,725Total homes sold: 330Share that sold above list: 13.0%20. Pittsburgh, PennsylvaniaAverage price difference: -2.87% under askingMedian list price: $218,000Median sale price: $210,000Total homes sold: 1,755Share that sold above list: 28.3%19. Memphis, TennesseeAverage price difference: -2.92% under askingMedian list price: $278,000Median sale price: real estate $269,000Total homes sold: 998Share that sold above list: 17.0%18. Austin, TexasAverage price difference: -2.95% under askingMedian list price: $489,990Median sale price: $425,000Total homes sold: 2,003Share that sold above list: 12.0%17. Deltona, FloridaAverage price difference: -2.97% under askingMedian list price: $369,900Median sale price: $351,995Total homes sold: 984Share that sold above list: 10.6%16. Philadelphia, PennsylvaniaAverage price difference: -3.15% under askingMedian list price: $260,000Median sale price: $237,750Total homes sold: 1,657Share that sold above list: 26.5%15. Crestview, FloridaAverage price difference: -3.16% under askingMedian list price: $482,200Median sale price: $409,900Total homes sold: 519Share that sold above list: 11.4%14. Fort Lauderdale, FloridaAverage price difference: -3.31% under askingMedian list price: $435,000Median sale price: $426,000Total homes sold: 1,946Share that sold above list: 15.1%13. Port St. Lucie, FloridaAverage price difference: -3.34% under askingMedian list price: $429,900Median sale price: $406,900Total homes sold: 687Share that sold above list: 10.6%12. Cape Coral, FloridaAverage price difference: -3.45% under askingMedian list price: $449,000Median sale price: $395,000Total homes sold: 1,318Share that sold above list: 10.1%11. Gulfport, MississippiAverage price difference: -3.48% under askingMedian list price: $270,062Median sale price: $249,650Total homes sold: 380Share that sold above list: 12.9%10. Miami, FloridaAverage price difference: -3.57% under askingMedian list price: $580,000Median sale price: $515,000Total homes sold: 1,772Share that sold above list: 14.8%9. Punta Gorda, FloridaAverage price difference: -3.57% under askingMedian list price: $389,999Median sale price: $353,248Total homes sold: 488Share that sold above list: 8.0%8. Panama City, FloridaAverage price difference: -3.83% under askingMedian list price: $399,900Median sale price: $360,000Total homes sold: 315Share that sold above list: 8.9%7. San Antonio, TexasAverage price difference: -3.92% under askingMedian list price: $319,999Median sale price: $295,000Total homes sold: 2,156Share that sold above list: 13.4%6. Springfield, MissouriAverage price difference: -3.98% under askingMedian list price: $249,900Median sale price: $264,400Total homes sold: 465Share that sold above list: 0.6%5. Naples, FloridaAverage price difference: -4.02% under askingMedian list price: $829,900Median sale price: $601,000Total homes sold: 595Share that sold above list: 6.6%4. West Palm Beach, FloridaAverage price difference: -4.11% under askingMedian list price: $516,000Median sale price: $460,000Total homes sold: 1,764Share that sold above list: 8.9%3. New Orleans, LouisianaAverage price difference: -4.24% under askingMedian list price: $291,900Median sale price: $268,000Total homes sold: 776Share that sold above list: 11.7%2. Youngstown, OhioAverage price difference: -4.36% under askingMedian list price: $149,900Median sale price: $150,000Total homes sold: 437Share that sold above list: 25.4%1. Jackson, MississippiAverage price difference: -4.55% under askingMedian list price: $229,450Median sale price: $210,000Total homes sold: 431Share that sold above list: 16.2%