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 have surpassed 7% once again. Even a half of a percentage point change can significantly affect the monthly payments required for a mortgage.
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Since mortgage rates were under 4% for the better part of the past decade, many homebuyers have 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 COVID-19 pandemic. The median sale price in October was $413,874, according to Redfin — 3.5% 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 significant price growth over the last few years.
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Stacker analyzed data from Redfin to see which metros had the most homes sold under the asking price. Data shows sales for October 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 the difference between what a home lists for and how much a buyer actually pays. Also listed are the metro area’s median listing prices for homes on the market in October and median sale prices for homes that sold during that month.
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#50. Fort Worth, Texas
- Average price difference: -1.94% under asking
-- Median list price: $361,377
-- Median sale price: $350,000
- Total homes sold: 2,060
-- Share that sold above list: 20.2%
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#49. Dallas, Texas
- Average price difference: -1.98% under asking
-- Median list price: $434,900
-- Median sale price: $420,000
- Total homes sold: 4,327
-- Share that sold above list: 19.2%
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#48. Scranton, Pennsylvania
- Average price difference: -1.98% under asking
-- Median list price: $225,000
-- Median sale price: $200,000
- Total homes sold: 383
-- Share that sold above list: 35.2%
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#47. Gary, Indiana
- Average price difference: -1.99% under asking
-- Median list price: $264,900
-- Median sale price: $250,000
- Total homes sold: 698
-- Share that sold above list: 22.6%
Henryk Sadura // Shutterstock
#46. South Bend, Indiana
- Average price difference: -2.01% under asking
-- Median list price: $205,000
-- Median sale price: $196,000
- Total homes sold: 335
-- Share that sold above list: 29.6%
Eduardo Medrano // Shutterstock
#45. Little Rock, Arkansas
- Average price difference: -2.02% under asking
-- Median list price: $239,900
-- Median sale price: $224,950
- Total homes sold: 789
-- Share that sold above list: 21.2%
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#44. Hilton Head Island, South Carolina
- Average price difference: -2.04% under asking
-- Median list price: $539,900
-- Median sale price: $491,186
- Total homes sold: 482
-- Share that sold above list: 13.3%
Valiik30 // Shutterstock
#43. Tulsa, Oklahoma
- Average price difference: -2.06% under asking
-- Median list price: $275,000
-- Median sale price: $265,000
- Total homes sold: 1,019
-- Share that sold above list: 26.7%
H.J. Herrera // Shutterstock
#42. Ocala, Florida
- Average price difference: -2.06% under asking
-- Median list price: $295,000
-- Median sale price: $280,000
- Total homes sold: 793
-- Share that sold above list: 13.4%
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#41. Hickory, North Carolina
- Average price difference: -2.11% under asking
-- Median list price: $299,900
-- Median sale price: $290,000
- Total homes sold: 319
-- Share that sold above list: 23.8%
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#40. Dayton, Ohio
- Average price difference: -2.12% under asking
-- Median list price: $199,900
-- Median sale price: $199,000
- Total homes sold: 791
-- Share that sold above list: 28.3%
StacieStauffSmith Photos // Shutterstock
#39. Myrtle Beach, South Carolina
- Average price difference: -2.13% under asking
-- Median list price: $347,500
-- Median sale price: $340,000
- Total homes sold: 1,653
-- Share that sold above list: 11.6%
Songquan Deng // Shutterstock
#38. Orlando, Florida
- Average price difference: -2.23% under asking
-- Median list price: $410,335
-- Median sale price: $399,990
- Total homes sold: 3,172
-- Share that sold above list: 15.3%
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#37. Asheville, North Carolina
- Average price difference: -2.25% under asking
-- Median list price: $475,000
-- Median sale price: $450,000
- Total homes sold: 585
-- Share that sold above list: 21.0%
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#36. Prescott Valley, Arizona
- Average price difference: -2.29% under asking
-- Median list price: $575,993
-- Median sale price: $525,000
- Total homes sold: 332
-- Share that sold above list: 11.4%
Philip Lange // Shutterstock
#35. Baton Rouge, Louisiana
- Average price difference: -2.31% under asking
-- Median list price: $280,000
-- Median sale price: $258,500
- Total homes sold: 610
-- Share that sold above list: 11.8%
AevanStock // Shutterstock
#34. Tampa, Florida
- Average price difference: -2.33% under asking
-- Median list price: $389,000
-- Median sale price: $370,000
- Total homes sold: 4,495
-- Share that sold above list: 14.9%
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#33. Houston, Texas
- Average price difference: -2.39% under asking
-- Median list price: $343,706
-- Median sale price: $329,700
- Total homes sold: 6,348
-- Share that sold above list: 15.5%
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#32. Montgomery, Alabama
- Average price difference: -2.47% under asking
-- Median list price: $239,950
-- Median sale price: $229,250
- Total homes sold: 371
-- Share that sold above list: 21.6%
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#31. Memphis, Tennessee
- Average price difference: -2.49% under asking
-- Median list price: $280,000
-- Median sale price: $272,500
- Total homes sold: 1,175
-- Share that sold above list: 19.9%
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#30. Youngstown, Ohio
- Average price difference: -2.52% under asking
-- Median list price: $149,900
-- Median sale price: $159,900
- Total homes sold: 485
-- Share that sold above list: 29.5%
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#29. Daphne, Alabama
- Average price difference: -2.53% under asking
-- Median list price: $414,900
-- Median sale price: $390,000
- Total homes sold: 466
-- Share that sold above list: 10.9%
ESB Professional // Shutterstock
#28. Pittsburgh, Pennsylvania
- Average price difference: -2.55% under asking
-- Median list price: $219,900
-- Median sale price: $220,000
- Total homes sold: 1,976
-- Share that sold above list: 28.3%
Colin D. Young // Shutterstock
#27. Pensacola, Florida
- Average price difference: -2.56% under asking
-- Median list price: $340,000
-- Median sale price: $317,365
- Total homes sold: 677
-- Share that sold above list: 15.7%
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#26. Flint, Michigan
- Average price difference: -2.59% under asking
-- Median list price: $185,000
-- Median sale price: $180,000
- Total homes sold: 403
-- Share that sold above list: 34.5%
Thomas Kelley // Shutterstock
#25. Palm Bay, Florida
- Average price difference: -2.60% under asking
-- Median list price: $370,000
-- Median sale price: $348,260
- Total homes sold: 888
-- Share that sold above list: 11.5%
ESB Professional // Shutterstock
#24. Jacksonville, Florida
- Average price difference: -2.62% under asking
-- Median list price: $382,495
-- Median sale price: $360,000
- Total homes sold: 2,056
-- Share that sold above list: 13.2%
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#23. Peoria, Illinois
- Average price difference: -2.62% under asking
-- Median list price: $139,000
-- Median sale price: $138,000
- Total homes sold: 417
-- Share that sold above list: 26.4%
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#22. Kingsport, Tennessee
- Average price difference: -2.65% under asking
-- Median list price: $277,000
-- Median sale price: $255,100
- Total homes sold: 315
-- Share that sold above list: 20.6%
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#21. Springfield, Missouri
- Average price difference: -2.69% under asking
-- Median list price: $268,850
-- Median sale price: $260,000
- Total homes sold: 547
-- Share that sold above list: 0.0%
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#20. Austin, Texas
- Average price difference: -2.74% under asking
-- Median list price: $477,000
-- Median sale price: $444,000
- Total homes sold: 2,241
-- Share that sold above list: 13.0%
Pat McGinley // Shutterstock
#19. North Port, Florida
- Average price difference: -2.87% under asking
-- Median list price: $485,000
-- Median sale price: $450,000
- Total homes sold: 1,672
-- Share that sold above list: 8.1%
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#18. McAllen, Texas
- Average price difference: -2.96% under asking
-- Median list price: $265,000
-- Median sale price: $244,500
- Total homes sold: 336
-- Share that sold above list: 19.9%
mariakray // Shutterstock
#17. Fort Lauderdale, Florida
- Average price difference: -3.05% under asking
-- Median list price: $444,900
-- Median sale price: $415,000
- Total homes sold: 2,220
-- Share that sold above list: 18.2%
Khairil Azhar Junos // Shutterstock
#16. Punta Gorda, Florida
- Average price difference: -3.05% under asking
-- Median list price: $399,950
-- Median sale price: $365,000
- Total homes sold: 459
-- Share that sold above list: 12.9%
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#15. Gainesville, Florida
- Average price difference: -3.07% under asking
-- Median list price: $308,000
-- Median sale price: $295,000
- Total homes sold: 302
-- Share that sold above list: 14.6%
Felix Mizioznikov // Shutterstock
#14. Port St. Lucie, Florida
- Average price difference: -3.15% under asking
-- Median list price: $425,000
-- Median sale price: $404,000
- Total homes sold: 808
-- Share that sold above list: 12.3%
Sean Pavone // Shutterstock
#13. San Antonio, Texas
- Average price difference: -3.17% under asking
-- Median list price: $318,000
-- Median sale price: $310,000
- Total homes sold: 2,149
-- Share that sold above list: 15.9%
Sean Pavone // Shutterstock
#12. Gulfport, Mississippi
- Average price difference: -3.18% under asking
-- Median list price: $260,000
-- Median sale price: $250,000
- Total homes sold: 394
-- Share that sold above list: 14.0%
Sean Pavone // Shutterstock
#11. Miami, Florida
- Average price difference: -3.23% under asking
-- Median list price: $568,000
-- Median sale price: $515,000
- Total homes sold: 2,049
-- Share that sold above list: 17.5%
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#10. Crestview, Florida
- Average price difference: -3.24% under asking
-- Median list price: $492,000
-- Median sale price: $420,000
- Total homes sold: 629
-- Share that sold above list: 8.9%
MyArt4U // Shutterstock
#9. Deltona, Florida
- Average price difference: -3.29% under asking
-- Median list price: $372,500
-- Median sale price: $350,000
- Total homes sold: 1,069
-- Share that sold above list: 11.8%
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#8. Panama City, Florida
- Average price difference: -3.33% under asking
-- Median list price: $399,000
-- Median sale price: $367,500
- Total homes sold: 388
-- Share that sold above list: 8.5%
Sean Pavone // Shutterstock
#7. Shreveport, Louisiana
- Average price difference: -3.40% under asking
-- Median list price: $225,000
-- Median sale price: $205,550
- Total homes sold: 314
-- Share that sold above list: 9.9%
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#6. Cape Coral, Florida
- Average price difference: -3.48% under asking
-- Median list price: $455,000
-- Median sale price: $385,000
- Total homes sold: 1,409
-- Share that sold above list: 10.1%
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#5. Mobile, Alabama
- Average price difference: -3.48% under asking
-- Median list price: $225,000
-- Median sale price: $201,750
- Total homes sold: 380
-- Share that sold above list: 23.7%
TFoxFoto // Shutterstock
#4. New Orleans, Louisiana
- Average price difference: -3.87% under asking
-- Median list price: $289,900
-- Median sale price: $270,000
- Total homes sold: 847
-- Share that sold above list: 11.6%
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#3. West Palm Beach, Florida
- Average price difference: -3.92% under asking
-- Median list price: $525,000
-- Median sale price: $470,000
- Total homes sold: 2,051
-- Share that sold above list: 11.2%
Andriy Blokhin // Shutterstock
#2. Naples, Florida
- Average price difference: -4.35% under asking
-- Median list price: $795,000
-- Median sale price: $616,000
- Total homes sold: 659
-- Share that sold above list: 7.1%
Sean Pavone // Shutterstock
#1. Jackson, Mississippi
- Average price difference: -4.57% under asking
-- Median list price: $223,450
-- Median sale price: $239,950
- Total homes sold: 432
-- Share that sold above list: 15.7%
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