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 over it in front of a white suburban home.
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. After dipping slightly since then, rates surpassed 7% again as of Aug. 17, this time hitting a 20-year high. 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 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 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 sold under the asking price. Data shows sales for June 2023. Metros with fewer than 300 home sales are excluded from this list.
Metro areas are ranked on the average sale-to-list ratio, which is a ratio of sale price divided by list price, for homes that sold in June. Values are rounded to the nearest hundredth. Also listed are the metro area’s median listing prices for homes on the market in June and median sale prices for those homes that sold during that month.
Sean Pavone // Shutterstock
#50. Oklahoma City, OK metro area
– Average sale to list ratio: 0.99
– Median list price: $276,990
– Median sale price: $266,990
– Total homes sold: 2,083
– Share that sold above list: 30.2%
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#49. Bend, OR metro area
– Average sale to list ratio: 0.99
– Median list price: $725,000
– Median sale price: $640,000
– Total homes sold: 387
– Share that sold above list: 25.6%
Leigh Trail // Shutterstock
#48. Honolulu, HI metro area
– Average sale to list ratio: 0.99
– Median list price: $700,000
– Median sale price: $695,000
– Total homes sold: 743
– Share that sold above list: 29.6%
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#47. Peoria, IL metro area
– Average sale to list ratio: 0.99
– Median list price: $150,000
– Median sale price: $165,000
– Total homes sold: 615
– Share that sold above list: 40.7%
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#46. Clarksville, TN metro area
– Average sale to list ratio: 0.99
– Median list price: $310,000
– Median sale price: $320,000
– Total homes sold: 635
– Share that sold above list: 22.2%
Eduardo Medrano // Shutterstock
#45. Little Rock, AR metro area
– Average sale to list ratio: 0.99
– Median list price: $239,900
– Median sale price: $235,000
– Total homes sold: 1,003
– Share that sold above list: 32.0%
Andrew J Simcox // Shutterstock
#44. Philadelphia, PA metro area
– Average sale to list ratio: 0.99
– Median list price: $275,000
– Median sale price: $290,000
– Total homes sold: 2,107
– Share that sold above list: 33.5%
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#43. Fayetteville, AR metro area
– Average sale to list ratio: 0.99
– Median list price: $368,000
– Median sale price: $357,280
– Total homes sold: 1,051
– Share that sold above list: 22.5%
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#42. Tucson, AZ metro area
– Average sale to list ratio: 0.99
– Median list price: $375,000
– Median sale price: $365,000
– Total homes sold: 1,357
– Share that sold above list: 25.6%
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#41. Hickory, NC metro area
– Average sale to list ratio: 0.99
– Median list price: $310,000
– Median sale price: $275,000
– Total homes sold: 412
– Share that sold above list: 36.2%
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#40. Evansville, IN metro area
– Average sale to list ratio: 0.99
– Median list price: $221,000
– Median sale price: $220,000
– Total homes sold: 393
– Share that sold above list: 34.1%
Valiik30 // Shutterstock
#39. Tulsa, OK metro area
– Average sale to list ratio: 0.99
– Median list price: $275,000
– Median sale price: $274,995
– Total homes sold: 1,138
– Share that sold above list: 36.6%
ESB Professional // Shutterstock
#38. Pittsburgh, PA metro area
– Average sale to list ratio: 0.99
– Median list price: $230,000
– Median sale price: $245,000
– Total homes sold: 2,529
– Share that sold above list: 38.9%
Giorgia Basso // Shutterstock
#37. Killeen, TX metro area
– Average sale to list ratio: 0.99
– Median list price: $285,000
– Median sale price: $287,900
– Total homes sold: 717
– Share that sold above list: 22.0%
Brian Wilson Photography // Shutterstock
#36. Nashville, TN metro area
– Average sale to list ratio: 0.99
– Median list price: $489,999
– Median sale price: $449,000
– Total homes sold: 3,385
– Share that sold above list: 22.1%
JNix // Shutterstock
#35. Augusta, GA metro area
– Average sale to list ratio: 0.99
– Median list price: $289,900
– Median sale price: $290,330
– Total homes sold: 846
– Share that sold above list: 25.9%
randy andy // Shutterstock
#34. Las Vegas, NV metro area
– Average sale to list ratio: 0.99
– Median list price: $430,000
– Median sale price: $415,000
– Total homes sold: 3,062
– Share that sold above list: 24.1%
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#33. Gainesville, FL metro area
– Average sale to list ratio: 0.99
– Median list price: $324,200
– Median sale price: $329,495
– Total homes sold: 494
– Share that sold above list: 27.1%
Brett Barnhill // Shutterstock
#32. Atlantic City, NJ metro area
– Average sale to list ratio: 0.99
– Median list price: $339,900
– Median sale price: $295,000
– Total homes sold: 328
– Share that sold above list: 40.5%
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#31. Youngstown, OH metro area
– Average sale to list ratio: 0.99
– Median list price: $149,900
– Median sale price: $165,000
– Total homes sold: 505
– Share that sold above list: 38.4%
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#30. Houston, TX metro area
– Average sale to list ratio: 0.98
– Median list price: $358,128
– Median sale price: $343,025
– Total homes sold: 8,859
– Share that sold above list: 22.4%
Songquan Deng // Shutterstock
#29. Orlando, FL metro area
– Average sale to list ratio: 0.98
– Median list price: $421,995
– Median sale price: $402,000
– Total homes sold: 3,972
– Share that sold above list: 19.9%
Philip Lange // Shutterstock
#28. Baton Rouge, LA metro area
– Average sale to list ratio: 0.98
– Median list price: $279,000
– Median sale price: $260,000
– Total homes sold: 879
– Share that sold above list: 15.6%
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#27. Daphne, AL metro area
– Average sale to list ratio: 0.98
– Median list price: $415,000
– Median sale price: $379,900
– Total homes sold: 717
– Share that sold above list: 11.2%
AevanStock // Shutterstock
#26. Tampa, FL metro area
– Average sale to list ratio: 0.98
– Median list price: $397,990
– Median sale price: $379,450
– Total homes sold: 5,819
– Share that sold above list: 19.6%
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#25. Memphis, TN metro area
– Average sale to list ratio: 0.98
– Median list price: $290,000
– Median sale price: $299,000
– Total homes sold: 1,451
– Share that sold above list: 25.4%
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#24. Austin, TX metro area
– Average sale to list ratio: 0.98
– Median list price: $509,949
– Median sale price: $478,250
– Total homes sold: 3,110
– Share that sold above list: 17.8%
ESB Professional // Shutterstock
#23. Jacksonville, FL metro area
– Average sale to list ratio: 0.98
– Median list price: $395,000
– Median sale price: $367,000
– Total homes sold: 2,816
– Share that sold above list: 17.4%
StacieStauffSmith Photos // Shutterstock
#22. Myrtle Beach, SC metro area
– Average sale to list ratio: 0.98
– Median list price: $354,412
– Median sale price: $345,000
– Total homes sold: 1,958
– Share that sold above list: 11.9%
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#21. Mobile, AL metro area
– Average sale to list ratio: 0.98
– Median list price: $223,500
– Median sale price: $225,000
– Total homes sold: 407
– Share that sold above list: 33.9%
Thomas Kelley // Shutterstock
#20. Palm Bay, FL metro area
– Average sale to list ratio: 0.98
– Median list price: $375,000
– Median sale price: $350,700
– Total homes sold: 1,189
– Share that sold above list: 16.2%
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#19. Kingsport, TN metro area
– Average sale to list ratio: 0.98
– Median list price: $282,450
– Median sale price: $262,000
– Total homes sold: 359
– Share that sold above list: 28.1%
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#18. McAllen, TX metro area
– Average sale to list ratio: 0.98
– Median list price: $269,000
– Median sale price: $245,000
– Total homes sold: 368
– Share that sold above list: 19.6%
Sean Pavone // Shutterstock
#17. San Antonio, TX metro area
– Average sale to list ratio: 0.98
– Median list price: $340,000
– Median sale price: $319,561
– Total homes sold: 3,168
– Share that sold above list: 20.5%
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#16. Montgomery, AL metro area
– Average sale to list ratio: 0.98
– Median list price: $249,900
– Median sale price: $245,000
– Total homes sold: 483
– Share that sold above list: 25.9%
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#15. Homosassa Springs, FL metro area
– Average sale to list ratio: 0.97
– Median list price: $299,000
– Median sale price: $273,490
– Total homes sold: 372
– Share that sold above list: 13.2%
Sean Pavone // Shutterstock
#14. Gulfport, MS metro area
– Average sale to list ratio: 0.97
– Median list price: $265,000
– Median sale price: $255,000
– Total homes sold: 557
– Share that sold above list: 21.9%
Felix Mizioznikov // Shutterstock
#13. Port St. Lucie, FL metro area
– Average sale to list ratio: 0.97
– Median list price: $421,665
– Median sale price: $394,900
– Total homes sold: 1,045
– Share that sold above list: 15.3%
MyArt4U // Shutterstock
#12. Deltona, FL metro area
– Average sale to list ratio: 0.97
– Median list price: $370,000
– Median sale price: $348,000
– Total homes sold: 1,523
– Share that sold above list: 13.7%
mariakray // Shutterstock
#11. Fort Lauderdale, FL metro area
– Average sale to list ratio: 0.97
– Median list price: $442,000
– Median sale price: $430,000
– Total homes sold: 2,904
– Share that sold above list: 21.4%
Sean Pavone // Shutterstock
#10. Shreveport, LA metro area
– Average sale to list ratio: 0.97
– Median list price: $232,900
– Median sale price: $253,000
– Total homes sold: 382
– Share that sold above list: 16.8%
Jacob Boomsma // Shutterstock
#9. Lafayette, LA metro area
– Average sale to list ratio: 0.97
– Median list price: $247,998
– Median sale price: $230,000
– Total homes sold: 392
– Share that sold above list: 12.5%
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#8. Panama City, FL metro area
– Average sale to list ratio: 0.97
– Median list price: $435,000
– Median sale price: $375,000
– Total homes sold: 542
– Share that sold above list: 11.1%
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#7. Beaumont, TX metro area
– Average sale to list ratio: 0.97
– Median list price: $215,000
– Median sale price: $215,000
– Total homes sold: 357
– Share that sold above list: 3.6%
Sean Pavone // Shutterstock
#6. Jackson, MS metro area
– Average sale to list ratio: 0.97
– Median list price: $258,500
– Median sale price: $260,000
– Total homes sold: 511
– Share that sold above list: 22.3%
TFoxFoto // Shutterstock
#5. New Orleans, LA metro area
– Average sale to list ratio: 0.97
– Median list price: $303,450
– Median sale price: $293,000
– Total homes sold: 1,264
– Share that sold above list: 16.8%
Sean Pavone // Shutterstock
#4. Miami, FL metro area
– Average sale to list ratio: 0.97
– Median list price: $550,000
– Median sale price: $515,000
– Total homes sold: 2,550
– Share that sold above list: 17.3%
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#3. West Palm Beach, FL metro area
– Average sale to list ratio: 0.96
– Median list price: $499,000
– Median sale price: $480,000
– Total homes sold: 2,682
– Share that sold above list: 12.5%
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#2. Sebastian, FL metro area
– Average sale to list ratio: 0.96
– Median list price: $389,995
– Median sale price: $382,850
– Total homes sold: 376
– Share that sold above list: 7.4%
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#1. Springfield, MO metro area
– Average sale to list ratio: 0.94
– Median list price: $269,900
– Median sale price: $268,500
– Total homes sold: 694
– Share that sold above list: 0.4%
