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 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 impact on the monthly payments required for a mortgage.

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. And sellers aren't exactly coming down on price—home prices are still increasing, just more slowly than they did during the height of the pandemic.

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 February 2023. Metros where fewer than 300 homes were sold were excluded from this list, and the 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. Values were rounded to the nearest hundredth of a percent.

#25. Cleveland, OH metro area

- Average sale to list ratio: 0.97
- Median list price: $194,900
- Median sale price: $179,900
- Total homes sold: 1,556

#24. North Port, FL metro area

- Average sale to list ratio: 0.97
- Median list price: $511,571
- Median sale price: $455,000
- Total homes sold: 1,526

#23. Gary, IN metro area

- Average sale to list ratio: 0.97
- Median list price: $254,900
- Median sale price: $248,700
- Total homes sold: 510

#22. Jacksonville, FL metro area

- Average sale to list ratio: 0.97
- Median list price: $360,990
- Median sale price: $345,000
- Total homes sold: 1,997

#21. Austin, TX metro area

- Average sale to list ratio: 0.97
- Median list price: $505,000
- Median sale price: $438,000
- Total homes sold: 2,011

#20. Gulfport, MS metro area

- Average sale to list ratio: 0.97
- Median list price: $250,000
- Median sale price: $226,000
- Total homes sold: 360

#19. Jackson, MS metro area

- Average sale to list ratio: 0.97
- Median list price: $234,950
- Median sale price: $254,500
- Total homes sold: 302

#18. Cape Coral, FL metro area

- Average sale to list ratio: 0.97
- Median list price: $450,000
- Median sale price: $400,000
- Total homes sold: 1,506

#17. Flint, MI metro area

- Average sale to list ratio: 0.97
- Median list price: $179,900
- Median sale price: $170,000
- Total homes sold: 306

#16. Fort Lauderdale, FL metro area

- Average sale to list ratio: 0.97
- Median list price: $395,000
- Median sale price: $390,000
- Total homes sold: 1,908

#15. Deltona, FL metro area

- Average sale to list ratio: 0.97
- Median list price: $374,338
- Median sale price: $335,000
- Total homes sold: 1,095

#14. Mobile, AL metro area

- Average sale to list ratio: 0.97
- Median list price: $200,000
- Median sale price: $201,000
- Total homes sold: 327

#13. Toledo, OH metro area

- Average sale to list ratio: 0.97
- Median list price: $159,900
- Median sale price: $145,000
- Total homes sold: 445

#12. Peoria, IL metro area

- Average sale to list ratio: 0.96
- Median list price: $134,900
- Median sale price: $125,500
- Total homes sold: 344

#11. Philadelphia, PA metro area

- Average sale to list ratio: 0.96
- Median list price: $265,000
- Median sale price: $235,000
- Total homes sold: 1,256

#10. Detroit, MI metro area

- Average sale to list ratio: 0.96
- Median list price: $148,900
- Median sale price: $160,000
- Total homes sold: 1,174

#9. Port St. Lucie, FL metro area

- Average sale to list ratio: 0.96
- Median list price: $415,000
- Median sale price: $374,740
- Total homes sold: 706

#8. New Orleans, LA metro area

- Average sale to list ratio: 0.96
- Median list price: $297,000
- Median sale price: $268,000
- Total homes sold: 770

#7. Panama City, FL metro area

- Average sale to list ratio: 0.96
- Median list price: $395,450
- Median sale price: $349,950
- Total homes sold: 359

#6. Pittsburgh, PA metro area

- Average sale to list ratio: 0.96
- Median list price: $213,250
- Median sale price: $190,000
- Total homes sold: 1,356

#5. Naples, FL metro area

- Average sale to list ratio: 0.96
- Median list price: $775,000
- Median sale price: $615,000
- Total homes sold: 752

#4. Miami, FL metro area

- Average sale to list ratio: 0.96
- Median list price: $550,000
- Median sale price: $480,000
- Total homes sold: 1,710

#3. West Palm Beach, FL metro area

- Average sale to list ratio: 0.96
- Median list price: $480,000
- Median sale price: $445,000
- Total homes sold: 1,849

#2. Youngstown, OH metro area

- Average sale to list ratio: 0.95
- Median list price: $149,900
- Median sale price: $139,000
- Total homes sold: 317

#1. Springfield, MO metro area

- Average sale to list ratio: 0.95
- Median list price: $267,450
- Median sale price: $244,900
- Total homes sold: 421