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 as the Federal Reserve raises its benchmark rates month after month to combat inflation. While dipping slightly since then, rates remain above 6%. Even a half of a percentage point change can have an outsized effect on the monthly payments required for a mortgage.
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Since mortgage rates have been under 4% for the better part of the past decade, homebuyers have locked in rates that are far more affordable than what’s suddenly on offer in today’s environment. So sellers aren’t exactly coming down on price — in fact, home prices are still increasing, just more slowly than they did during the height of the pandemic.
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And yet there are still metro areas where homebuyers 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 month of March 2023. Metros where fewer than 300 homes were sold were 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 March 2023. Values were rounded to the nearest hundredth. Also listed are the metro area’s median listing prices for homes on the market in March, and median sale prices for those homes that sold during that month.
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#50. Memphis, TN
- Average sale to list ratio: 0.98
- Median list price: $295,700
- Median sale price: $279,000
- Total homes sold: 1,183
Rob Hainer // Shutterstock
#49. Lakeland, FL
- Average sale to list ratio: 0.98
- Median list price: $337,443
- Median sale price: $320,288
- Total homes sold: 1,421
f11photo // Shutterstock
#48. Louisville, KY
- Average sale to list ratio: 0.98
- Median list price: $259,900
- Median sale price: $247,250
- Total homes sold: 1,482
Vladimir Mucibabic // Shutterstock
#47. Detroit, MI
- Average sale to list ratio: 0.98
- Median list price: $154,900
- Median sale price: $164,700
- Total homes sold: 1,565
littlenySTOCK // Shutterstock
#46. Nassau County, NY
- Average sale to list ratio: 0.98
- Median list price: $629,999
- Median sale price: $580,000
- Total homes sold: 1,638
StacieStauffSmith Photos // Shutterstock
#45. Myrtle Beach, SC
- Average sale to list ratio: 0.98
- Median list price: $349,900
- Median sale price: $329,963
- Total homes sold: 1,918
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#44. Cleveland, OH
- Average sale to list ratio: 0.98
- Median list price: $210,000
- Median sale price: $194,900
- Total homes sold: 2,048
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#43. Fort Worth, TX
- Average sale to list ratio: 0.98
- Median list price: $374,900
- Median sale price: $348,000
- Total homes sold: 2,659
Sean Pavone // Shutterstock
#42. San Antonio, TX
- Average sale to list ratio: 0.98
- Median list price: $335,000
- Median sale price: $313,990
- Total homes sold: 2,693
KYPhua // Shutterstock
#41. Indianapolis, IN
- Average sale to list ratio: 0.98
- Median list price: $299,900
- Median sale price: $274,990
- Total homes sold: 2,756
Brian Wilson Photography // Shutterstock
#40. Nashville, TN
- Average sale to list ratio: 0.98
- Median list price: $489,900
- Median sale price: $433,650
- Total homes sold: 2,980
randy andy // Shutterstock
#39. Las Vegas, NV
- Average sale to list ratio: 0.98
- Median list price: $424,900
- Median sale price: $400,000
- Total homes sold: 3,058
Songquan Deng // Shutterstock
#38. Orlando, FL
- Average sale to list ratio: 0.98
- Median list price: $410,570
- Median sale price: $390,000
- Total homes sold: 3,792
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#37. Dallas, TX
- Average sale to list ratio: 0.98
- Median list price: $449,000
- Median sale price: $419,094
- Total homes sold: 5,582
AevanStock // Shutterstock
#36. Tampa, FL
- Average sale to list ratio: 0.98
- Median list price: $395,000
- Median sale price: $366,358
- Total homes sold: 5,663
Nate Hovee // Shutterstock
#35. Phoenix, AZ
- Average sale to list ratio: 0.98
- Median list price: $469,900
- Median sale price: $430,000
- Total homes sold: 6,944
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#34. Atlanta, GA
- Average sale to list ratio: 0.98
- Median list price: $399,900
- Median sale price: $370,000
- Total homes sold: 7,572
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#33. Houston, TX
- Average sale to list ratio: 0.98
- Median list price: $355,990
- Median sale price: $326,500
- Total homes sold: 7,918
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#32. Beaumont, TX
- Average sale to list ratio: 0.97
- Median list price: $225,000
- Median sale price: $202,500
- Total homes sold: 308
Jacob Boomsma // Shutterstock
#31. Lafayette, LA
- Average sale to list ratio: 0.97
- Median list price: $245,000
- Median sale price: $233,950
- Total homes sold: 344
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#30. Sebastian, FL
- Average sale to list ratio: 0.97
- Median list price: $394,941
- Median sale price: $384,000
- Total homes sold: 352
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#29. Homosassa Springs, FL
- Average sale to list ratio: 0.97
- Median list price: $284,900
- Median sale price: $260,950
- Total homes sold: 365
Sean Pavone // Shutterstock
#28. Shreveport, LA
- Average sale to list ratio: 0.97
- Median list price: $243,500
- Median sale price: $220,000
- Total homes sold: 369
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#27. McAllen, TX
- Average sale to list ratio: 0.97
- Median list price: $265,000
- Median sale price: $229,500
- Total homes sold: 377
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#26. Scranton, PA
- Average sale to list ratio: 0.97
- Median list price: $193,000
- Median sale price: $170,000
- Total homes sold: 383
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#25. Montgomery, AL
- Average sale to list ratio: 0.97
- Median list price: $229,900
- Median sale price: $215,000
- Total homes sold: 394
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#24. Lake Havasu City, AZ
- Average sale to list ratio: 0.97
- Median list price: $379,000
- Median sale price: $349,450
- Total homes sold: 398
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#23. Flint, MI
- Average sale to list ratio: 0.97
- Median list price: $175,000
- Median sale price: $184,500
- Total homes sold: 440
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#22. Peoria, IL
- Average sale to list ratio: 0.97
- Median list price: $159,900
- Median sale price: $125,000
- Total homes sold: 446
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#21. Youngstown, OH
- Average sale to list ratio: 0.97
- Median list price: $149,250
- Median sale price: $131,000
- Total homes sold: 459
Sean Pavone // Shutterstock
#20. Jackson, MS
- Average sale to list ratio: 0.97
- Median list price: $234,500
- Median sale price: $250,000
- Total homes sold: 462
Sean Pavone // Shutterstock
#19. Gulfport, MS
- Average sale to list ratio: 0.97
- Median list price: $276,400
- Median sale price: $238,500
- Total homes sold: 470
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#18. Panama City, FL
- Average sale to list ratio: 0.97
- Median list price: $389,000
- Median sale price: $378,900
- Total homes sold: 566
Khairil Azhar Junos // Shutterstock
#17. Punta Gorda, FL
- Average sale to list ratio: 0.97
- Median list price: $399,900
- Median sale price: $370,000
- Total homes sold: 592
Jacob Boomsma // Shutterstock
#16. Gary, IN
- Average sale to list ratio: 0.97
- Median list price: $254,400
- Median sale price: $241,000
- Total homes sold: 752
TFoxFoto // Shutterstock
#15. New Orleans, LA
- Average sale to list ratio: 0.97
- Median list price: $314,900
- Median sale price: $270,000
- Total homes sold: 981
Felix Mizioznikov // Shutterstock
#14. Port St. Lucie, FL
- Average sale to list ratio: 0.97
- Median list price: $410,165
- Median sale price: $380,000
- Total homes sold: 1,011
Thomas Kelley // Shutterstock
#13. Palm Bay, FL
- Average sale to list ratio: 0.97
- Median list price: $365,000
- Median sale price: $340,000
- Total homes sold: 1,220
MyArt4U // Shutterstock
#12. Deltona, FL
- Average sale to list ratio: 0.97
- Median list price: $365,970
- Median sale price: $348,980
- Total homes sold: 1,511
Andrew J Simcox // Shutterstock
#11. Philadelphia, PA
- Average sale to list ratio: 0.97
- Median list price: $285,000
- Median sale price: $260,000
- Total homes sold: 1,716
ESB Professional // Shutterstock
#10. Pittsburgh, PA
- Average sale to list ratio: 0.97
- Median list price: $230,000
- Median sale price: $205,000
- Total homes sold: 1,917
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#9. Cape Coral, FL
- Average sale to list ratio: 0.97
- Median list price: $429,775
- Median sale price: $400,000
- Total homes sold: 2,085
Pat McGinley // Shutterstock
#8. North Port, FL
- Average sale to list ratio: 0.97
- Median list price: $498,000
- Median sale price: $464,000
- Total homes sold: 2,314
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#7. Austin, TX
- Average sale to list ratio: 0.97
- Median list price: $529,451
- Median sale price: $450,000
- Total homes sold: 2,616
ESB Professional // Shutterstock
#6. Jacksonville, FL
- Average sale to list ratio: 0.97
- Median list price: $385,000
- Median sale price: $343,990
- Total homes sold: 2,804
mariakray // Shutterstock
#5. Fort Lauderdale, FL
- Average sale to list ratio: 0.97
- Median list price: $430,000
- Median sale price: $400,000
- Total homes sold: 2,885
Roberto Galan // Shutterstock
#4. Valdosta, GA
- Average sale to list ratio: 0.96
- Median list price: $249,950
- Median sale price: $123,000
- Total homes sold: 475
Andriy Blokhin // Shutterstock
#3. Naples, FL
- Average sale to list ratio: 0.96
- Median list price: $779,000
- Median sale price: $639,000
- Total homes sold: 1,119
Sean Pavone // Shutterstock
#2. Miami, FL
- Average sale to list ratio: 0.96
- Median list price: $530,000
- Median sale price: $500,000
- Total homes sold: 2,554
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#1. West Palm Beach, FL
- Average sale to list ratio: 0.96
- Median list price: $496,450
- Median sale price: $449,000
- Total homes sold: 2,785