Metros where homes are selling for the most under asking price

Written by:
November 21, 2022
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.

You may also like: Comparing minimum wage to the cost of living in every state

1 / 50
Kolossos // Wikimedia Commons

#50. Miami, FL metro area

- Average sale to list ratio: 0.962
- Total homes sold: 420
- Median sale price: $485,000

2 / 50
huangcolin // Shutterstock

#49. Clearlake, CA metro area

- Average sale to list ratio: 0.961
- Total homes sold: 16
- Median sale price: $282,500

3 / 50
WeaponizingArchitecture // Wikicommons

#48. Saginaw, MI metro area

- Average sale to list ratio: 0.961
- Total homes sold: 36
- Median sale price: $143,500

4 / 50
rossograph // Wikimedia Commons

#47. Shelbyville, TN metro area

- Average sale to list ratio: 0.961
- Total homes sold: 14
- Median sale price: $299,450

5 / 50
Jmancuso // Wikimedia Commons

#46. Utica, NY metro area

- Average sale to list ratio: 0.961
- Total homes sold: 37
- Median sale price: $182,500

You may also like: Best small towns to live in across America

6 / 50
Roberto Galan // Shutterstock

#45. Jasper, IN metro area

- Average sale to list ratio: 0.960
- Total homes sold: 14
- Median sale price: $224,500

7 / 50
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

8 / 50
Michael Deemer // Shutterstock

#43. Indiana, PA metro area

- Average sale to list ratio: 0.959
- Total homes sold: 14
- Median sale price: $165,500

9 / 50
Soglad2005 // Wikimedia Commons

#42. Macon, GA metro area

- Average sale to list ratio: 0.958
- Total homes sold: 41
- Median sale price: $248,000

10 / 50
TheCatalyst31 // Wikimedia Commons

#41. Farmington, MO metro area

- Average sale to list ratio: 0.957
- Total homes sold: 14
- Median sale price: $159,900

You may also like: Best place to live in every state

11 / 50
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

12 / 50
Canva

#39. Muskogee, OK metro area

- Average sale to list ratio: 0.957
- Total homes sold: 16
- Median sale price: $149,200

13 / 50
Canva

#38. Mount Airy, NC metro area

- Average sale to list ratio: 0.957
- Total homes sold: 15
- Median sale price: $239,900

14 / 50
IanSkylake17 // Shutterstock

#37. Ashtabula, OH metro area

- Average sale to list ratio: 0.956
- Total homes sold: 16
- Median sale price: $137,750

15 / 50
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

You may also like: Best places to retire in America

16 / 50
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

17 / 50
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

18 / 50
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

19 / 50
Jennifer Gottwald // Wikicommons

#32. Wenatchee, WA metro area

- Average sale to list ratio: 0.954
- Total homes sold: 32
- Median sale price: $521,500

20 / 50
Renelibrary // Wikicommons

#31. Sherman, TX metro area

- Average sale to list ratio: 0.954
- Total homes sold: 32
- Median sale price: $291,500

You may also like: States with the lowest property taxes

21 / 50
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

22 / 50
IvoShandor // Wikimedia Commons

#29. Sterling, IL metro area

- Average sale to list ratio: 0.954
- Total homes sold: 15
- Median sale price: $103,000

23 / 50
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

24 / 50
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

25 / 50
pubdog // Wikimedia Commons

#26. Erie, PA metro area

- Average sale to list ratio: 0.953
- Total homes sold: 46
- Median sale price: $149,950

You may also like: What the 50 biggest cities in America looked like 50 years ago

26 / 50
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

27 / 50
Acroterion // Wikicommons

#24. Cumberland, MD metro area

- Average sale to list ratio: 0.952
- Total homes sold: 21
- Median sale price: $120,000

28 / 50
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

29 / 50
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

30 / 50
Spiroview Inc // Shutterstock

#21. Corning, NY metro area

- Average sale to list ratio: 0.951
- Total homes sold: 15
- Median sale price: $166,900

You may also like: Can you guess these famous skylines?

31 / 50
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

32 / 50
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

33 / 50
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

34 / 50
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

35 / 50
Roberto Galan // Shutterstock

#16. Paragould, AR metro area

- Average sale to list ratio: 0.948
- Total homes sold: 14
- Median sale price: $161,500

You may also like: The richest town in every state

36 / 50
IvoShandor // Wikimedia Commons

#15. Ottawa, IL metro area

- Average sale to list ratio: 0.947
- Total homes sold: 27
- Median sale price: $117,000

37 / 50
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

38 / 50
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

39 / 50
Public Domain

#12. Las Cruces, NM metro area

- Average sale to list ratio: 0.946
- Total homes sold: 38
- Median sale price: $315,000

40 / 50
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

You may also like: Best places to live in the Midwest

41 / 50
Nolichuckyjake // Shutterstock

#10. Shelby, NC metro area

- Average sale to list ratio: 0.940
- Total homes sold: 13
- Median sale price: $220,000

42 / 50
Canva

#9. Zanesville, OH metro area

- Average sale to list ratio: 0.937
- Total homes sold: 15
- Median sale price: $140,000

43 / 50
Prestinian // Wikimedia Commons

#8. Gadsden, AL metro area

- Average sale to list ratio: 0.935
- Total homes sold: 19
- Median sale price: $205,000

44 / 50
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

45 / 50
Tc65306n // Wikimedia Commons

#6. Pottsville, PA metro area

- Average sale to list ratio: 0.930
- Total homes sold: 35
- Median sale price: $101,100

You may also like: Iconic buildings from every state

46 / 50
Jacob Boomsma // Shutterstock

#5. Hutchinson, KS metro area

- Average sale to list ratio: 0.926
- Total homes sold: 16
- Median sale price: $154,900

47 / 50
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

48 / 50
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

49 / 50
Thomson200 // Wikimedia Commons

#2. Rome, GA metro area

- Average sale to list ratio: 0.916
- Total homes sold: 19
- Median sale price: $170,000

50 / 50
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

You may also like: These are best cities to raise a family in

Trending Now