Metros where homes are selling for the most under asking price

Median sale price in November 2023 was $408,732

Stock image. Pixabay (Pexels)

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.

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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.

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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.

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#50. Fayetteville, Arkansas

- Average price difference: -1.93% under asking
-- Median list price: $380,000
-- Median sale price: $348,000
- Total homes sold: 705
-- Share that sold above list: 14.8%

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#49. Fort Worth, Texas

- Average price difference: -1.94% under asking
-- Median list price: $358,279
-- Median sale price: $350,000
- Total homes sold: 1,832
-- Share that sold above list: 20.6%

f11photo // Shutterstock

#48. Louisville, Kentucky

- Average price difference: -1.97% under asking
-- Median list price: $263,900
-- Median sale price: $260,000
- Total homes sold: 1,194
-- Share that sold above list: 22.4%

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#47. Spartanburg, South Carolina

- Average price difference: -2.00% under asking
-- Median list price: $301,344
-- Median sale price: $280,000
- Total homes sold: 391
-- Share that sold above list: 12.8%

JNix // Shutterstock

#46. Augusta, Georgia

- Average price difference: -2.01% under asking
-- Median list price: $295,000
-- Median sale price: $260,000
- Total homes sold: 599
-- Share that sold above list: 19.0%

Giorgia Basso // Shutterstock

#45. Killeen, Texas

- Average price difference: -2.15% under asking
-- Median list price: $289,650
-- Median sale price: $262,750
- Total homes sold: 400
-- Share that sold above list: 16.2%

Leigh Trail // Shutterstock

#44. Honolulu, Hawaii

- Average price difference: -2.19% under asking
-- Median list price: $759,000
-- Median sale price: $684,500
- Total homes sold: 492
-- Share that sold above list: 22.8%

Valiik30 // Shutterstock

#43. Tulsa, Oklahoma

- Average price difference: -2.21% under asking
-- Median list price: $268,250
-- Median sale price: $250,000
- Total homes sold: 890
-- Share that sold above list: 27.1%

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#42. Dallas, Texas

- Average price difference: -2.25% under asking
-- Median list price: $425,000
-- Median sale price: $413,500
- Total homes sold: 3,960
-- Share that sold above list: 16.2%

KYPhua // Shutterstock

#41. Indianapolis, Indiana

- Average price difference: -2.28% under asking
-- Median list price: $279,900
-- Median sale price: $289,350
- Total homes sold: 2,250
-- Share that sold above list: 16.9%

Eduardo Medrano // Shutterstock

#40. Little Rock, Arkansas

- Average price difference: -2.29% under asking
-- Median list price: $255,000
-- Median sale price: $215,912
- Total homes sold: 619
-- Share that sold above list: 19.2%

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#39. Flint, Michigan

- Average price difference: -2.30% under asking
-- Median list price: $179,900
-- Median sale price: $180,000
- Total homes sold: 423
-- Share that sold above list: 26.0%

StacieStauffSmith Photos // Shutterstock

#38. Myrtle Beach, South Carolina

- Average price difference: -2.31% under asking
-- Median list price: $350,770
-- Median sale price: $325,885
- Total homes sold: 1,502
-- Share that sold above list: 8.4%

Philip Lange // Shutterstock

#37. Baton Rouge, Louisiana

- Average price difference: -2.34% under asking
-- Median list price: $264,900
-- Median sale price: $260,000
- Total homes sold: 600
-- Share that sold above list: 11.0%

Songquan Deng // Shutterstock

#36. Orlando, Florida

- Average price difference: -2.35% under asking
-- Median list price: $405,000
-- Median sale price: $399,990
- Total homes sold: 2,810
-- Share that sold above list: 13.3%

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#35. Gary, Indiana

- Average price difference: -2.38% under asking
-- Median list price: $274,935
-- Median sale price: $264,950
- Total homes sold: 606
-- Share that sold above list: 19.3%

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#34. Daphne, Alabama

- Average price difference: -2.39% under asking
-- Median list price: $399,441
-- Median sale price: $368,500
- Total homes sold: 388
-- Share that sold above list: 9.5%

Colin D. Young // Shutterstock

#33. Pensacola, Florida

- Average price difference: -2.40% under asking
-- Median list price: $339,000
-- Median sale price: $324,450
- Total homes sold: 560
-- Share that sold above list: 15.2%

Vladimir Mucibabic // Shutterstock

#32. Detroit, Michigan

- Average price difference: -2.40% under asking
-- Median list price: $154,900
-- Median sale price: $171,750
- Total homes sold: 1,520
-- Share that sold above list: 37.1%

travelview // Shutterstock

#31. Reno, Nevada

- Average price difference: -2.41% under asking
-- Median list price: $529,900
-- Median sale price: $535,000
- Total homes sold: 408
-- Share that sold above list: 15.4%

AevanStock // Shutterstock

#30. Tampa, Florida

- Average price difference: -2.45% under asking
-- Median list price: $395,000
-- Median sale price: $377,990
- Total homes sold: 4,019
-- Share that sold above list: 12.8%

Pat McGinley // Shutterstock

#29. North Port, Florida

- Average price difference: -2.52% under asking
-- Median list price: $518,736
-- Median sale price: $469,472
- Total homes sold: 1,643
-- Share that sold above list: 11.9%

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#28. Houston, Texas

- Average price difference: -2.52% under asking
-- Median list price: $339,900
-- Median sale price: $326,990
- Total homes sold: 6,164
-- Share that sold above list: 14.1%

Jacob Boomsma // Shutterstock

#27. Lafayette, Louisiana

- Average price difference: -2.66% under asking
-- Median list price: $242,000
-- Median sale price: $220,000
- Total homes sold: 310
-- Share that sold above list: 13.5%

ESB Professional // Shutterstock

#26. Jacksonville, Florida

- Average price difference: -2.75% under asking
-- Median list price: $369,000
-- Median sale price: $375,000
- Total homes sold: 1,819
-- Share that sold above list: 12.7%

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#25. Peoria, Illinois

- Average price difference: -2.75% under asking
-- Median list price: $139,900
-- Median sale price: $146,900
- Total homes sold: 401
-- Share that sold above list: 27.2%

Thomas Kelley // Shutterstock

#24. Palm Bay, Florida

- Average price difference: -2.76% under asking
-- Median list price: $373,900
-- Median sale price: $354,900
- Total homes sold: 892
-- Share that sold above list: 9.4%

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#23. Hilton Head Island, South Carolina

- Average price difference: -2.76% under asking
-- Median list price: $525,084
-- Median sale price: $530,000
- Total homes sold: 400
-- Share that sold above list: 11.0%

H.J. Herrera // Shutterstock

#22. Ocala, Florida

- Average price difference: -2.78% under asking
-- Median list price: $281,944
-- Median sale price: $275,000
- Total homes sold: 710
-- Share that sold above list: 13.5%

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#21. Montgomery, Alabama

- Average price difference: -2.85% under asking
-- Median list price: $234,500
-- Median sale price: $234,725
- Total homes sold: 330
-- Share that sold above list: 13.0%

ESB Professional // Shutterstock

#20. Pittsburgh, Pennsylvania

- Average price difference: -2.87% under asking
-- Median list price: $218,000
-- Median sale price: $210,000
- Total homes sold: 1,755
-- Share that sold above list: 28.3%

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#19. Memphis, Tennessee

- Average price difference: -2.92% under asking
-- Median list price: $278,000
-- Median sale price: $269,000
- Total homes sold: 998
-- Share that sold above list: 17.0%

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#18. Austin, Texas

- Average price difference: -2.95% under asking
-- Median list price: $489,990
-- Median sale price: $425,000
- Total homes sold: 2,003
-- Share that sold above list: 12.0%

MyArt4U // Shutterstock

#17. Deltona, Florida

- Average price difference: -2.97% under asking
-- Median list price: $369,900
-- Median sale price: $351,995
- Total homes sold: 984
-- Share that sold above list: 10.6%

Andrew J Simcox // Shutterstock

#16. Philadelphia, Pennsylvania

- Average price difference: -3.15% under asking
-- Median list price: $260,000
-- Median sale price: $237,750
- Total homes sold: 1,657
-- Share that sold above list: 26.5%

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#15. Crestview, Florida

- Average price difference: -3.16% under asking
-- Median list price: $482,200
-- Median sale price: $409,900
- Total homes sold: 519
-- Share that sold above list: 11.4%

mariakray // Shutterstock

#14. Fort Lauderdale, Florida

- Average price difference: -3.31% under asking
-- Median list price: $435,000
-- Median sale price: $426,000
- Total homes sold: 1,946
-- Share that sold above list: 15.1%

Felix Mizioznikov // Shutterstock

#13. Port St. Lucie, Florida

- Average price difference: -3.34% under asking
-- Median list price: $429,900
-- Median sale price: $406,900
- Total homes sold: 687
-- Share that sold above list: 10.6%

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#12. Cape Coral, Florida

- Average price difference: -3.45% under asking
-- Median list price: $449,000
-- Median sale price: $395,000
- Total homes sold: 1,318
-- Share that sold above list: 10.1%

Sean Pavone // Shutterstock

#11. Gulfport, Mississippi

- Average price difference: -3.48% under asking
-- Median list price: $270,062
-- Median sale price: $249,650
- Total homes sold: 380
-- Share that sold above list: 12.9%

Sean Pavone // Shutterstock

#10. Miami, Florida

- Average price difference: -3.57% under asking
-- Median list price: $580,000
-- Median sale price: $515,000
- Total homes sold: 1,772
-- Share that sold above list: 14.8%

Khairil Azhar Junos // Shutterstock

#9. Punta Gorda, Florida

- Average price difference: -3.57% under asking
-- Median list price: $389,999
-- Median sale price: $353,248
- Total homes sold: 488
-- Share that sold above list: 8.0%

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#8. Panama City, Florida

- Average price difference: -3.83% under asking
-- Median list price: $399,900
-- Median sale price: $360,000
- Total homes sold: 315
-- Share that sold above list: 8.9%

Sean Pavone // Shutterstock

#7. San Antonio, Texas

- Average price difference: -3.92% under asking
-- Median list price: $319,999
-- Median sale price: $295,000
- Total homes sold: 2,156
-- Share that sold above list: 13.4%

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#6. Springfield, Missouri

- Average price difference: -3.98% under asking
-- Median list price: $249,900
-- Median sale price: $264,400
- Total homes sold: 465
-- Share that sold above list: 0.6%

Andriy Blokhin // Shutterstock

#5. Naples, Florida

- Average price difference: -4.02% under asking
-- Median list price: $829,900
-- Median sale price: $601,000
- Total homes sold: 595
-- Share that sold above list: 6.6%

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#4. West Palm Beach, Florida

- Average price difference: -4.11% under asking
-- Median list price: $516,000
-- Median sale price: $460,000
- Total homes sold: 1,764
-- Share that sold above list: 8.9%

TFoxFoto // Shutterstock

#3. New Orleans, Louisiana

- Average price difference: -4.24% under asking
-- Median list price: $291,900
-- Median sale price: $268,000
- Total homes sold: 776
-- Share that sold above list: 11.7%

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#2. Youngstown, Ohio

- Average price difference: -4.36% under asking
-- Median list price: $149,900
-- Median sale price: $150,000
- Total homes sold: 437
-- Share that sold above list: 25.4%

Sean Pavone // Shutterstock

#1. Jackson, Mississippi

- Average price difference: -4.55% under asking
-- Median list price: $229,450
-- Median sale price: $210,000
- Total homes sold: 431
-- Share that sold above list: 16.2%


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