{"id":79276,"date":"2025-02-12T05:00:27","date_gmt":"2025-02-12T13:00:27","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79276"},"modified":"2025-02-11T14:00:15","modified_gmt":"2025-02-11T22:00:15","slug":"homebuyers-paying-under-list-price-stale-inventory","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homebuyers-paying-under-list-price-stale-inventory\/","title":{"rendered":"The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Homebuyers, take note: Many listings are selling for under asking price, and most are lingering on the market. Florida homebuyers are seeing the biggest discount.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Today\u2019s average home listing is selling for under its asking price, and taking a long time to sell. While that\u2019s not ideal for sellers, it\u2019s good news for homebuyers who have been grappling with high housing costs and a shortage of inventory.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin data as of January shows that nationwide, buyers may have more room for negotiation than they have in several years:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The typical U.S. home is selling for 1.8% less than its asking price, the biggest discount in nearly two years.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The typical home that sells is taking 56 days to go under contract, the longest span in nearly five years.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">More than half (56%) of listings are sitting on the market for at least 60 days without going under contract, roughly the same share we saw during this time of year in 2023 and 2024. That\u2019s down from from the prior month, when 61% of listings were on the market for at least 60 days\u2013the highest share in five years.\u00a0<\/span><\/li>\n<\/ul>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-79277 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-11-112322.png\" alt=\"\" width=\"619\" height=\"486\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-11-112322.png 619w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-11-112322-300x236.png 300w\" sizes=\"(max-width: 619px) 100vw, 619px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Today\u2019s housing market is slow mostly because it\u2019s so expensive to buy a home. The average 30-year mortgage rate was <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\"><span style=\"font-weight: 400;\">6.96%<\/span><\/a><span style=\"font-weight: 400;\"> in January. That\u2019s down from the two-decade high of 7.62% hit in 2023, but remains well above the 3% to 5% rates that were common before and during the pandemic. The median U.S. home-sale price is up 4% year over year; together, high prices and rates have pushed the typical homebuyer\u2019s monthly payment <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-sales-slow-costs-high\/\"><span style=\"font-weight: 400;\">near record highs<\/span><\/a><span style=\"font-weight: 400;\">. Political and economic <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-sales-slow-costs-high\/\"><span style=\"font-weight: 400;\">uncertainty<\/span><\/a><span style=\"font-weight: 400;\"> is another reason some would-be buyers are pumping the brakes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The upside of a slow market is that buyers have an opportunity to negotiate on price and terms for certain homes. Redfin agents in some parts of the country report that it feels like a buyer\u2019s market, with sellers of homes that have been sitting on the market for a few weeks open to lowering the price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other Redfin agents note that while the pool of unsold inventory is growing and many homes are selling for under asking price, that doesn\u2019t necessarily mean buyers have a big pool of <\/span><i><span style=\"font-weight: 400;\">desirable <\/span><\/i><span style=\"font-weight: 400;\">homes to choose from.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMore listings are hitting the market, but they\u2019re not always the type of home buyers want and need,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/charles-wheeler\"><span style=\"font-weight: 400;\">Charles Wheeler<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin Premier agent in San Diego. \u201cThe listings lingering on the market tend to be in unpopular neighborhoods, or require renovation. Relatively affordable, move-in ready homes close to highly rated schools are selling quickly, often with multiple offers.\u201d<\/span><\/p>\n<h3>In Coastal Florida, Homes Are Selling For Roughly 5% Below Asking Price\u2013the Biggest Discount in the Country<\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Homes are selling furthest below their asking price in Florida. In West Palm Beach, Fort Lauderdale and Miami, the typical home is selling for roughly 5% less than its asking price, the biggest discount among the 50 most populous U.S. metros. Next come two other Florida metros: Tampa and Jacksonville, where the typical home is selling for about 4% less than its asking price. Homes in all of those metros are also selling for a bigger discount than they were a year ago.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Coastal Florida\u2019s housing market has taken a hit as natural disasters become more frequent and intense, causing some would-be buyers to have second thoughts. Climate disasters have also led to a surge in home <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-insurance-survey-report-2024\/\"><span style=\"font-weight: 400;\">insurance costs<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/news\/hoa-fees-surge-florida-2024\/\"><span style=\"font-weight: 400;\">HOA fees<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/news\/property-tax-homebuyer-increase-florida\/\"><span style=\"font-weight: 400;\">property taxes<\/span><\/a><span style=\"font-weight: 400;\"> in Florida. Slow homebuying demand means more sellers are open to accepting an offer under asking price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical home is selling for <\/span><i><span style=\"font-weight: 400;\">over <\/span><\/i><span style=\"font-weight: 400;\">its asking price in just seven of the 50 most populous U.S. metros, led by the Bay Area. The typical home is selling for roughly 3% above asking price in San Jose, CA, followed by Newark, NJ (2.5%), San Francisco (2.5%), Oakland, CA (1%) and Nassau County, NY (0.5%).\u00a0<\/span><\/p>\n<h3>More than 60% of Miami Homes Sit on the Market For 60+ Days<\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">There are five U.S. metros where 60%-plus of listings are sitting on the market for at least two months without going under contract. Three of them are in Florida. In both Miami and Pittsburgh, 63% of listings linger on the market for at least 60 days, followed by San Antonio (62%), Fort Lauderdale (61%) and West Palm Beach (60%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other end of the spectrum is the Bay Area. Just over one-third of home listings in San Jose (34%), Oakland (36%) and San Francisco (38%) are sitting on the market for 60 days or more, followed by Boston (39%) and San Diego (42%).<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homebuyers, take note: Many listings are selling for under asking price, and most are lingering on the market. Florida homebuyers are seeing the biggest discount.\u00a0 Today\u2019s average home listing is selling for under its asking price, and taking a long time to sell. While that\u2019s not ideal for sellers, it\u2019s good news for homebuyers who [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":79278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[665,20,623],"dashboard":[],"coauthors":[124],"class_list":["post-79276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-florida","tag-housing-affordability","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years<\/title>\n<meta name=\"description\" content=\"Homebuyers, take note: Many listings are selling for under asking price, and most are lingering on the market. 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