economy
Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one
Home sellers in many of the largest U.S. cities are accepting offers below asking as higher mortgage rates squeeze buyers' budgets.
TL;DR
- Homes sold for less than asking price in 38 of the 50 largest U.S. housing markets, according to Redfin.
- Miami and West Palm Beach, Florida, saw the biggest discounts, with homes selling nearly 5% below asking on average.
- Higher borrowing costs have reduced buyer affordability, while sellers have been slow to adjust their pricing expectations.
- Increased homebuilding in markets like Florida and Texas has given buyers more options, contributing to discounts.
- Buyers can negotiate more effectively by checking sale-to-list ratios, considering homes that have been on the market longer or seen price cuts, and negotiating closing costs or repairs.
- While buyers have more leverage, well-priced properties in high-demand areas still sell quickly.