Metros where homes are selling for the most under asking price
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 has raised its benchmark rates month after month to combat inflation. Even a half of a percentage point increase 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 last decade, homebuyers have locked in mortgage rates that are far more affordable than what’s suddenly on offer in today’s high rate environment. And sellers aren’t exactly coming down on price – home prices are still increasing, just more slowly than they did from 2020-2021.
And yet there are still metro areas where home buyers 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 week ending 11/06/22. Metros where fewer than 12 homes were sold were excluded from this list. 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.
In the first week of November 1,676 homes were sold across the 50 metro areas analyzed for a median sale price of just over $260,000.
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Kolossos // Wikimedia Commons
#50. Miami, FL metro area
– Average sale to list ratio: 0.962
– Total homes sold: 420
– Median sale price: $485,000
huangcolin // Shutterstock
#49. Clearlake, CA metro area
– Average sale to list ratio: 0.961
– Total homes sold: 16
– Median sale price: $282,500
WeaponizingArchitecture // Wikicommons
#48. Saginaw, MI metro area
– Average sale to list ratio: 0.961
– Total homes sold: 36
– Median sale price: $143,500
rossograph // Wikimedia Commons
#47. Shelbyville, TN metro area
– Average sale to list ratio: 0.961
– Total homes sold: 14
– Median sale price: $299,450
Jmancuso // Wikimedia Commons
#46. Utica, NY metro area
– Average sale to list ratio: 0.961
– Total homes sold: 37
– Median sale price: $182,500
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Roberto Galan // Shutterstock
#45. Jasper, IN metro area
– Average sale to list ratio: 0.960
– Total homes sold: 14
– Median sale price: $224,500
Ulf Nammert // Shutterstock
#44. Port Angeles, WA metro area
– Average sale to list ratio: 0.960
– Total homes sold: 14
– Median sale price: $464,500
Michael Deemer // Shutterstock
#43. Indiana, PA metro area
– Average sale to list ratio: 0.959
– Total homes sold: 14
– Median sale price: $165,500
Soglad2005 // Wikimedia Commons
#42. Macon, GA metro area
– Average sale to list ratio: 0.958
– Total homes sold: 41
– Median sale price: $248,000
TheCatalyst31 // Wikimedia Commons
#41. Farmington, MO metro area
– Average sale to list ratio: 0.957
– Total homes sold: 14
– Median sale price: $159,900
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Jacob Boomsma // Shutterstock
#40. Glenwood Springs, CO metro area
– Average sale to list ratio: 0.957
– Total homes sold: 32
– Median sale price: $737,500
Canva
#39. Muskogee, OK metro area
– Average sale to list ratio: 0.957
– Total homes sold: 16
– Median sale price: $149,200
Canva
#38. Mount Airy, NC metro area
– Average sale to list ratio: 0.957
– Total homes sold: 15
– Median sale price: $239,900
IanSkylake17 // Shutterstock
#37. Ashtabula, OH metro area
– Average sale to list ratio: 0.956
– Total homes sold: 16
– Median sale price: $137,750
OPMaster // Wikimedia Commons
#36. Bowling Green, KY metro area
– Average sale to list ratio: 0.956
– Total homes sold: 23
– Median sale price: $219,000
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Roman Eugeniusz // Wikimedia Commons
#35. Evansville, IN metro area
– Average sale to list ratio: 0.955
– Total homes sold: 64
– Median sale price: $152,250
Jeffrey B. Banke // Shutterstock
#34. Gardnerville Ranchos, NV metro area
– Average sale to list ratio: 0.955
– Total homes sold: 19
– Median sale price: $690,000
Carol Ann Mossa // Shutterstock
#33. Punta Gorda, FL metro area
– Average sale to list ratio: 0.955
– Total homes sold: 82
– Median sale price: $360,000
Jennifer Gottwald // Wikicommons
#32. Wenatchee, WA metro area
– Average sale to list ratio: 0.954
– Total homes sold: 32
– Median sale price: $521,500
Renelibrary // Wikicommons
#31. Sherman, TX metro area
– Average sale to list ratio: 0.954
– Total homes sold: 32
– Median sale price: $291,500
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Sharon Day // Shutterstock
#30. Hot Springs, AR metro area
– Average sale to list ratio: 0.954
– Total homes sold: 21
– Median sale price: $245,000
IvoShandor // Wikimedia Commons
#29. Sterling, IL metro area
– Average sale to list ratio: 0.954
– Total homes sold: 15
– Median sale price: $103,000
Nile Dean Meservy // Wikimedia Commons
#28. Logan, UT metro area
– Average sale to list ratio: 0.953
– Total homes sold: 24
– Median sale price: $462,500
Jacob Boomsma // Shutterstock
#27. Cañon City, CO metro area
– Average sale to list ratio: 0.953
– Total homes sold: 16
– Median sale price: $392,000
pubdog // Wikimedia Commons
#26. Erie, PA metro area
– Average sale to list ratio: 0.953
– Total homes sold: 46
– Median sale price: $149,950
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Paul Sableman // Wikimedia Commons
#25. Jacksonville, IL metro area
– Average sale to list ratio: 0.953
– Total homes sold: 16
– Median sale price: $124,750
Acroterion // Wikicommons
#24. Cumberland, MD metro area
– Average sale to list ratio: 0.952
– Total homes sold: 21
– Median sale price: $120,000
Robert Lawton // Wikimedia Commons
#23. Peoria, IL metro area
– Average sale to list ratio: 0.952
– Total homes sold: 101
– Median sale price: $130,000
Brian Stansberry // Wikimedia Commons
#22. Tullahoma, TN metro area
– Average sale to list ratio: 0.952
– Total homes sold: 24
– Median sale price: $270,000
Spiroview Inc // Shutterstock
#21. Corning, NY metro area
– Average sale to list ratio: 0.951
– Total homes sold: 15
– Median sale price: $166,900
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Chris Light // Wikimedia Commons
#20. Owensboro, KY metro area
– Average sale to list ratio: 0.951
– Total homes sold: 23
– Median sale price: $190,000
Hot Furnace // Wikimedia Commons
#19. Athens, TX metro area
– Average sale to list ratio: 0.950
– Total homes sold: 21
– Median sale price: $334,990
Stuart Monk // Shutterstock
#18. Key West, FL metro area
– Average sale to list ratio: 0.949
– Total homes sold: 22
– Median sale price: $805,000
Michael J. Kearney // Wikimedia Commons
#17. Clinton, IA metro area
– Average sale to list ratio: 0.948
– Total homes sold: 17
– Median sale price: $147,500
Roberto Galan // Shutterstock
#16. Paragould, AR metro area
– Average sale to list ratio: 0.948
– Total homes sold: 14
– Median sale price: $161,500
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IvoShandor // Wikimedia Commons
#15. Ottawa, IL metro area
– Average sale to list ratio: 0.947
– Total homes sold: 27
– Median sale price: $117,000
Roberto Galan // Shutterstock
#14. Poplar Bluff, MO metro area
– Average sale to list ratio: 0.947
– Total homes sold: 13
– Median sale price: $180,000
Jacob Boomsma // Shutterstock
#13. Fergus Falls, MN metro area
– Average sale to list ratio: 0.947
– Total homes sold: 18
– Median sale price: $257,500
Public Domain
#12. Las Cruces, NM metro area
– Average sale to list ratio: 0.946
– Total homes sold: 38
– Median sale price: $315,000
Alvin Feng // Wikimedia Commons
#11. Sandpoint, ID metro area
– Average sale to list ratio: 0.944
– Total homes sold: 17
– Median sale price: $580,000
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Nolichuckyjake // Shutterstock
#10. Shelby, NC metro area
– Average sale to list ratio: 0.940
– Total homes sold: 13
– Median sale price: $220,000
Canva
#9. Zanesville, OH metro area
– Average sale to list ratio: 0.937
– Total homes sold: 15
– Median sale price: $140,000
Prestinian // Wikimedia Commons
#8. Gadsden, AL metro area
– Average sale to list ratio: 0.935
– Total homes sold: 19
– Median sale price: $205,000
Derek Jensen (Tysto) // Wikimedia Commons
#7. Kendallville, IN metro area
– Average sale to list ratio: 0.934
– Total homes sold: 14
– Median sale price: $262,000
Tc65306n // Wikimedia Commons
#6. Pottsville, PA metro area
– Average sale to list ratio: 0.930
– Total homes sold: 35
– Median sale price: $101,100
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Jacob Boomsma // Shutterstock
#5. Hutchinson, KS metro area
– Average sale to list ratio: 0.926
– Total homes sold: 16
– Median sale price: $154,900
Patrick Feller//Flickr
#4. Lake Charles, LA metro area
– Average sale to list ratio: 0.922
– Total homes sold: 32
– Median sale price: $215,500
Jumping Rocks // Getty Images
#3. Ardmore, OK metro area
– Average sale to list ratio: 0.922
– Total homes sold: 26
– Median sale price: $136,000
Thomson200 // Wikimedia Commons
#2. Rome, GA metro area
– Average sale to list ratio: 0.916
– Total homes sold: 19
– Median sale price: $170,000
ROBERT SBARRA // Shutterstock
#1. New Castle, PA metro area
– Average sale to list ratio: 0.898
– Total homes sold: 27
– Median sale price: $140,000
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