Metros where homes are selling for the most under asking price

Sean Pavone // Shutterstock 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 #50. Miami, FL metro area Kolossos // Wikimedia Commons – Average sale to list ratio: 0.962 – Total homes sold: 420 – Median sale price: $485,000 #49. Clearlake, CA metro area huangcolin // Shutterstock – Average sale to list ratio: 0.961 – Total homes sold: 16 – Median sale price: $282,500 #48. Saginaw, MI metro area WeaponizingArchitecture // Wikicommons – Average sale to list ratio: 0.961 – Total homes sold: 36 – Median sale price: $143,500 #47. Shelbyville, TN metro area rossograph // Wikimedia Commons – Average sale to list ratio: 0.961 – Total homes sold: 14 – Median sale price: $299,450 #46. Utica, NY metro area Jmancuso // Wikimedia Commons – 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 #45. Jasper, IN metro area Roberto Galan // Shutterstock – Average sale to list ratio: 0.960 – Total homes sold: 14 – Median sale price: $224,500 #44. Port Angeles, WA metro area Ulf Nammert // Shutterstock – Average sale to list ratio: 0.960 – Total homes sold: 14 – Median sale price: $464,500 #43. Indiana, PA metro area Michael Deemer // Shutterstock – Average sale to list ratio: 0.959 – Total homes sold: 14 – Median sale price: $165,500 #42. Macon, GA metro area Soglad2005 // Wikimedia Commons – Average sale to list ratio: 0.958 – Total homes sold: 41 – Median sale price: $248,000 #41. Farmington, MO metro area TheCatalyst31 // Wikimedia Commons – 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 #40. Glenwood Springs, CO metro area Jacob Boomsma // Shutterstock – Average sale to list ratio: 0.957 – Total homes sold: 32 – Median sale price: $737,500 #39. Muskogee, OK metro area Canva – Average sale to list ratio: 0.957 – Total homes sold: 16 – Median sale price: $149,200 #38. Mount Airy, NC metro area Canva – Average sale to list ratio: 0.957 – Total homes sold: 15 – Median sale price: $239,900 #37. Ashtabula, OH metro area IanSkylake17 // Shutterstock – Average sale to list ratio: 0.956 – Total homes sold: 16 – Median sale price: $137,750 #36. Bowling Green, KY metro area OPMaster // Wikimedia Commons – 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 #35. Evansville, IN metro area Roman Eugeniusz // Wikimedia Commons – Average sale to list ratio: 0.955 – Total homes sold: 64 – Median sale price: $152,250 #34. Gardnerville Ranchos, NV metro area Jeffrey B. Banke // Shutterstock – Average sale to list ratio: 0.955 – Total homes sold: 19 – Median sale price: $690,000 #33. Punta Gorda, FL metro area Carol Ann Mossa // Shutterstock – Average sale to list ratio: 0.955 – Total homes sold: 82 – Median sale price: $360,000 #32. Wenatchee, WA metro area Jennifer Gottwald // Wikicommons – Average sale to list ratio: 0.954 – Total homes sold: 32 – Median sale price: $521,500 #31. Sherman, TX metro area Renelibrary // Wikicommons – 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 #30. Hot Springs, AR metro area Sharon Day // Shutterstock – Average sale to list ratio: 0.954 – Total homes sold: 21 – Median sale price: $245,000 #29. Sterling, IL metro area IvoShandor // Wikimedia Commons – Average sale to list ratio: 0.954 – Total homes sold: 15 – Median sale price: $103,000 #28. Logan, UT metro area Nile Dean Meservy // Wikimedia Commons – Average sale to list ratio: 0.953 – Total homes sold: 24 – Median sale price: $462,500 #27. Cañon City, CO metro area Jacob Boomsma // Shutterstock – Average sale to list ratio: 0.953 – Total homes sold: 16 – Median sale price: $392,000 #26. Erie, PA metro area pubdog // Wikimedia Commons – 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 #25. Jacksonville, IL metro area Paul Sableman // Wikimedia Commons – Average sale to list ratio: 0.953 – Total homes sold: 16 – Median sale price: $124,750 #24. Cumberland, MD metro area Acroterion // Wikicommons – Average sale to list ratio: 0.952 – Total homes sold: 21 – Median sale price: $120,000 #23. Peoria, IL metro area Robert Lawton // Wikimedia Commons – Average sale to list ratio: 0.952 – Total homes sold: 101 – Median sale price: $130,000 #22. Tullahoma, TN metro area Brian Stansberry // Wikimedia Commons – Average sale to list ratio: 0.952 – Total homes sold: 24 – Median sale price: $270,000 #21. Corning, NY metro area Spiroview Inc // Shutterstock – 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? #20. Owensboro, KY metro area Chris Light // Wikimedia Commons – Average sale to list ratio: 0.951 – Total homes sold: 23 – Median sale price: $190,000 #19. Athens, TX metro area Hot Furnace // Wikimedia Commons – Average sale to list ratio: 0.950 – Total homes sold: 21 – Median sale price: $334,990 #18. Key West, FL metro area Stuart Monk // Shutterstock – Average sale to list ratio: 0.949 – Total homes sold: 22 – Median sale price: $805,000 #17. Clinton, IA metro area Michael J. Kearney // Wikimedia Commons – Average sale to list ratio: 0.948 – Total homes sold: 17 – Median sale price: $147,500 #16. Paragould, AR metro area Roberto Galan // Shutterstock – 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 #15. Ottawa, IL metro area IvoShandor // Wikimedia Commons – Average sale to list ratio: 0.947 – Total homes sold: 27 – Median sale price: $117,000 #14. Poplar Bluff, MO metro area Roberto Galan // Shutterstock – Average sale to list ratio: 0.947 – Total homes sold: 13 – Median sale price: $180,000 #13. Fergus Falls, MN metro area Jacob Boomsma // Shutterstock – Average sale to list ratio: 0.947 – Total homes sold: 18 – Median sale price: $257,500 #12. Las Cruces, NM metro area Public Domain – Average sale to list ratio: 0.946 – Total homes sold: 38 – Median sale price: $315,000 #11. Sandpoint, ID metro area Alvin Feng // Wikimedia Commons – 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 #10. Shelby, NC metro area Nolichuckyjake // Shutterstock – Average sale to list ratio: 0.940 – Total homes sold: 13 – Median sale price: $220,000 #9. Zanesville, OH metro area Canva – Average sale to list ratio: 0.937 – Total homes sold: 15 – Median sale price: $140,000 #8. Gadsden, AL metro area Prestinian // Wikimedia Commons – Average sale to list ratio: 0.935 – Total homes sold: 19 – Median sale price: $205,000 #7. Kendallville, IN metro area Derek Jensen (Tysto) // Wikimedia Commons – Average sale to list ratio: 0.934 – Total homes sold: 14 – Median sale price: $262,000 #6. Pottsville, PA metro area Tc65306n // Wikimedia Commons – 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 #5. Hutchinson, KS metro area Jacob Boomsma // Shutterstock – Average sale to list ratio: 0.926 – Total homes sold: 16 – Median sale price: $154,900 #4. Lake Charles, LA metro area Patrick Feller//Flickr – Average sale to list ratio: 0.922 – Total homes sold: 32 – Median sale price: $215,500 #3. Ardmore, OK metro area Jumping Rocks // Getty Images – Average sale to list ratio: 0.922 – Total homes sold: 26 – Median sale price: $136,000 #2. Rome, GA metro area Thomson200 // Wikimedia Commons – Average sale to list ratio: 0.916 – Total homes sold: 19 – Median sale price: $170,000 #1. New Castle, PA metro area ROBERT SBARRA // Shutterstock – 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