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. As peak homebuying season is underway, homebuyers are competing for a smaller number of homes, sending prices higher.

The median sale price in May was $439,716, a new record and 5.1% higher than the year before. Of homes that sold, 35% went for above the list price and the average price difference was -0.1% below asking.

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 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. However, there are some places where buyers are starting to have the upper hand, especially in markets that recorded large price growth over the last few years.

Stacker analyzed data from Redfin to see where homes are selling for the most below the asking price. Metros, which include the main city and its surrounding town and suburbs, are ranked by the average sale-to-list ratio, which is the difference between what a home is listed for and how much a buyer paid. Metros with fewer than 300 home sales are excluded from this list. Also shown are the metro area’s median listing prices for homes on the market and median sale prices for homes that sold during that month.

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#50. Phoenix, Arizona

– Average price difference: 1.58% below list
— Median list price: $487,250
— Median sale price: $465,000
– Total homes sold: 6,943
— Share that sold above list: 18%

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#49. Flint, Michigan

– Average price difference: 1.59% below list
— Median list price: $215,000
— Median sale price: $220,000
– Total homes sold: 454
— Share that sold above list: 36.1%

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#48. Springfield, Missouri

– Average price difference: 1.64% below list
— Median list price: $285,000
— Median sale price: $279,900
– Total homes sold: 661
— Share that sold above list: 0.3%

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#47. Tulsa, Oklahoma

– Average price difference: 1.65% below list
— Median list price: $288,350
— Median sale price: $271,915
– Total homes sold: 1,273
— Share that sold above list: 26.9%

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#46. Coeur d’Alene, Idaho

– Average price difference: 1.75% below list
— Median list price: $617,000
— Median sale price: $549,450
– Total homes sold: 334
— Share that sold above list: 17.4%

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#45. Prescott Valley, Arizona

– Average price difference: 1.83% below list
— Median list price: $599,999
— Median sale price: $537,000
– Total homes sold: 348
— Share that sold above list: 13.8%

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#44. Little Rock, Arkansas

– Average price difference: 1.85% below list
— Median list price: $259,999
— Median sale price: $247,500
– Total homes sold: 1,036
— Share that sold above list: 20.5%

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#43. Pensacola, Florida

– Average price difference: 1.98% below list
— Median list price: $345,000
— Median sale price: $334,990
– Total homes sold: 927
— Share that sold above list: 16.4%

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#42. Baton Rouge, Louisiana

– Average price difference: 2% below list
— Median list price: $279,000
— Median sale price: $265,000
– Total homes sold: 871
— Share that sold above list: 15.5%

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#41. Austin, Texas

– Average price difference: 2.09% below list
— Median list price: $506,900
— Median sale price: $459,911
– Total homes sold: 3,021
— Share that sold above list: 16.7%

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#40. Lakeland, Florida

– Average price difference: 2.1% below list
— Median list price: $335,558
— Median sale price: $317,745
– Total homes sold: 1,530
— Share that sold above list: 13.7%

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#39. Lake Havasu City, Arizona

– Average price difference: 2.18% below list
— Median list price: $379,000
— Median sale price: $374,900
– Total homes sold: 397
— Share that sold above list: 12.8%

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#38. Orlando, Florida

– Average price difference: 2.2% below list
— Median list price: $425,000
— Median sale price: $406,370
– Total homes sold: 3,926
— Share that sold above list: 14.9%

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#37. Memphis, Tennessee

– Average price difference: 2.22% below list
— Median list price: $299,901
— Median sale price: $294,950
– Total homes sold: 1,416
— Share that sold above list: 18.4%

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#36. Kingsport, Tennessee

– Average price difference: 2.22% below list
— Median list price: $285,000
— Median sale price: $259,750
– Total homes sold: 356
— Share that sold above list: 26.4%

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#35. Shreveport, Louisiana

– Average price difference: 2.28% below list
— Median list price: $234,250
— Median sale price: $245,300
– Total homes sold: 413
— Share that sold above list: 14.8%

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#34. Lafayette, Louisiana

– Average price difference: 2.32% below list
— Median list price: $240,000
— Median sale price: $233,070
– Total homes sold: 437
— Share that sold above list: 12.8%

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#33. Tallahassee, Florida

– Average price difference: 2.34% below list
— Median list price: $328,500
— Median sale price: $303,335
– Total homes sold: 459
— Share that sold above list: 19.4%

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#32. Crestview, Florida

– Average price difference: 2.35% below list
— Median list price: $504,880
— Median sale price: $469,450
– Total homes sold: 817
— Share that sold above list: 13.6%

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#31. Gainesville, Florida

– Average price difference: 2.39% below list
— Median list price: $328,495
— Median sale price: $319,000
– Total homes sold: 463
— Share that sold above list: 16.4%

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#30. Houston, Texas

– Average price difference: 2.42% below list
— Median list price: $368,000
— Median sale price: $345,000
– Total homes sold: 8,466
— Share that sold above list: 16.6%

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#29. Ocala, Florida

– Average price difference: 2.42% below list
— Median list price: $292,250
— Median sale price: $279,900
– Total homes sold: 1,063
— Share that sold above list: 13.7%

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#28. San Antonio, Texas

– Average price difference: 2.42% below list
— Median list price: $325,000
— Median sale price: $315,000
– Total homes sold: 3,009
— Share that sold above list: 14.1%

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#27. Hilton Head Island, South Carolina

– Average price difference: 2.44% below list
— Median list price: $535,000
— Median sale price: $543,000
– Total homes sold: 621
— Share that sold above list: 11.6%

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#26. Jacksonville, Florida

– Average price difference: 2.45% below list
— Median list price: $400,000
— Median sale price: $382,995
– Total homes sold: 2,644
— Share that sold above list: 13.5%

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#25. Youngstown, Ohio

– Average price difference: 2.46% below list
— Median list price: $179,900
— Median sale price: $165,900
– Total homes sold: 503
— Share that sold above list: 31.8%

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#24. Myrtle Beach, South Carolina

– Average price difference: 2.47% below list
— Median list price: $352,900
— Median sale price: $345,000
– Total homes sold: 1,889
— Share that sold above list: 8.6%

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#23. Tampa, Florida

– Average price difference: 2.47% below list
— Median list price: $410,000
— Median sale price: $385,000
– Total homes sold: 5,976
— Share that sold above list: 13.1%

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#22. Homosassa Springs, Florida

– Average price difference: 2.53% below list
— Median list price: $299,900
— Median sale price: $280,000
– Total homes sold: 340
— Share that sold above list: 12.4%

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#21. Montgomery, Alabama

– Average price difference: 2.53% below list
— Median list price: $275,000
— Median sale price: $260,000
– Total homes sold: 458
— Share that sold above list: 19%

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#20. Daphne, Alabama

– Average price difference: 2.63% below list
— Median list price: $459,450
— Median sale price: $404,731
– Total homes sold: 575
— Share that sold above list: 8.9%

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#19. Amarillo, Texas

– Average price difference: 2.66% below list
— Median list price: $275,000
— Median sale price: $245,000
– Total homes sold: 334
— Share that sold above list: 0%

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#18. Palm Bay, Florida

– Average price difference: 2.75% below list
— Median list price: $382,900
— Median sale price: $365,000
– Total homes sold: 1,248
— Share that sold above list: 10.3%

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#17. McAllen, Texas

– Average price difference: 2.82% below list
— Median list price: $275,000
— Median sale price: $248,000
– Total homes sold: 380
— Share that sold above list: 16.1%

Sean Pavone // Shutterstock

#16. Gulfport, Mississippi

– Average price difference: 2.95% below list
— Median list price: $265,000
— Median sale price: $248,750
– Total homes sold: 536
— Share that sold above list: 11.8%

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#15. Mobile, Alabama

– Average price difference: 2.95% below list
— Median list price: $235,255
— Median sale price: $239,000
– Total homes sold: 430
— Share that sold above list: 23%

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#14. Panama City, Florida

– Average price difference: 3.01% below list
— Median list price: $389,900
— Median sale price: $360,000
– Total homes sold: 456
— Share that sold above list: 9.2%

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#13. Deltona, Florida

– Average price difference: 3.04% below list
— Median list price: $380,000
— Median sale price: $359,120
– Total homes sold: 1,408
— Share that sold above list: 10.6%

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#12. Port St. Lucie, Florida

– Average price difference: 3.06% below list
— Median list price: $435,000
— Median sale price: $409,990
– Total homes sold: 1,013
— Share that sold above list: 10.9%

Sean Pavone // Shutterstock

#11. Jackson, Mississippi

– Average price difference: 3.2% below list
— Median list price: $285,000
— Median sale price: $260,000
– Total homes sold: 501
— Share that sold above list: 16%

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#10. North Port, Florida

– Average price difference: 3.54% below list
— Median list price: $473,475
— Median sale price: $458,250
– Total homes sold: 2,428
— Share that sold above list: 5.9%

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#9. Cape Coral, Florida

– Average price difference: 3.6% below list
— Median list price: $415,000
— Median sale price: $399,900
– Total homes sold: 2,034
— Share that sold above list: 8.6%

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#8. New Orleans, Louisiana

– Average price difference: 3.72% below list
— Median list price: $323,500
— Median sale price: $293,575
– Total homes sold: 1,136
— Share that sold above list: 11.4%

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#7. Fort Lauderdale, Florida

– Average price difference: 3.72% below list
— Median list price: $462,498
— Median sale price: $460,000
– Total homes sold: 2,662
— Share that sold above list: 11.3%

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#6. Sebastian, Florida

– Average price difference: 3.8% below list
— Median list price: $409,999
— Median sale price: $397,450
– Total homes sold: 396
— Share that sold above list: 5.1%

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#5. Miami, Florida

– Average price difference: 3.82% below list
— Median list price: $599,000
— Median sale price: $540,000
– Total homes sold: 2,492
— Share that sold above list: 12.2%

Tricia Daniel // Shutterstock

#4. College Station, Texas

– Average price difference: 3.98% below list
— Median list price: $325,000
— Median sale price: $319,250
– Total homes sold: 352
— Share that sold above list: 2%

Khairil Azhar Junos // Shutterstock

#3. Punta Gorda, Florida

– Average price difference: 4.14% below list
— Median list price: $379,800
— Median sale price: $350,000
– Total homes sold: 701
— Share that sold above list: 6.4%

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#2. West Palm Beach, Florida

– Average price difference: 4.51% below list
— Median list price: $519,000
— Median sale price: $515,000
– Total homes sold: 2,561
— Share that sold above list: 8.1%

Andriy Blokhin // Shutterstock

#1. Naples, Florida

– Average price difference: 4.8% below list
— Median list price: $675,000
— Median sale price: $699,000
– Total homes sold: 1,034
— Share that sold above list: 4.4%

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