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 from 2020-21.
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 December 2022. 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.
One thing that could skew this data is something that's happening here in Southwest Florida. People are 'first listing' at a ridiculous price just to see if they get lucky. If they don't, 2 weeks later they lower the price. The point being, if you're looking to buy you should be very skeptical of that 'first listing' price.
Here's a list of where Florida cities stack up against other parts of the country.
#50. McAllen, TX metro area
- Average sale-to-list ratio: 0.98
- Median list price: $250,000
- Median sale price: $225,000
- Total homes sold: 317
#49. Tulsa, OK metro area
- Average sale-to-list ratio: 0.98
- Median list price: $258,500
- Median sale price: $235,000
- Total homes sold: 956
#48. Spartanburg, SC metro area
- Average sale-to-list ratio: 0.98
- Median list price: $274,945
- Median sale price: $274,000
- Total homes sold: 405
#47. Davenport, IA metro area
- Average sale-to-list ratio: 0.98
- Median list price: $139,900
- Median sale price: $156,000
- Total homes sold: 356
#46. Lansing, MI metro area
- Average sale-to-list ratio: 0.98
- Median list price: $175,000
- Median sale price: $182,500
- Total homes sold: 463
#45. Birmingham, AL metro area
- Average sale-to-list ratio: 0.98
- Median list price: $249,000
- Median sale price: $265,000
- Total homes sold: 902
#44. Lexington, KY metro area
- Average sale-to-list ratio: 0.98
- Median list price: $295,000
- Median sale price: $285,000
- Total homes sold: 413
#43. Dallas, TX metro area
- Average sale to list ratio: 0.97
- Median list price: $387,400
- Median sale price: $402,000
- Total homes sold: 4,324
#42. Flint, MI metro area
- Average sale-to-list ratio: 0.97
- Median list price: $144,950
- Median sale price: $185,000
- Total homes sold: 370
#41. Memphis, TN metro area
- Average sale-to-list ratio: 0.97
- Median list price: $250,000
- Median sale price: $259,450
- Total homes sold: 1,052
#40. Daphne, AL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $415,000
- Median sale price: $385,000
- Total homes sold: 481
#39. Canton, OH metro area
- Average sale-to-list ratio: 0.97
- Median list price: $159,900
- Median sale price: $175,000
- Total homes sold: 356
#38. Akron, OH metro area
- Average sale-to-list ratio: 0.97
- Median list price: $170,000
- Median sale price: $174,700
- Total homes sold: 664
#37. Cleveland, OH metro area
- Average sale-to-list ratio: 0.97
- Median list price: $161,200
- Median sale price: $192,500
- Total homes sold: 2,069
#36. Pensacola, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $337,900
- Median sale price: $318,950
- Total homes sold: 692
#35. Ocala, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $299,000
- Median sale price: $269,000
- Total homes sold: 638
#34. Palm Bay, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $357,000
- Median sale price: $349,870
- Total homes sold: 959
#33. Orlando, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $399,989
- Median sale price: $385,000
- Total homes sold: 3,010
#32. Lafayette, LA metro area
- Average sale-to-list ratio: 0.97
- Median list price: $245,250
- Median sale price: $220,000
- Total homes sold: 327
#31. Mobile, AL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $199,900
- Median sale price: $199,000
- Total homes sold: 303
#30. Tampa, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $375,000
- Median sale price: $369,990
- Total homes sold: 4,215
#29. Crestview, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $480,000
- Median sale price: $449,098
- Total homes sold: 639
#28. North Port, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $508,327
- Median sale price: $450,000
- Total homes sold: 1,547
#27. Gary, IN metro area
- Average sale-to-list ratio: 0.97
- Median list price: $239,950
- Median sale price: $240,000
- Total homes sold: 632
#26. Montgomery, AL metro area
- Average sale to list ratio: 0.97
- Median list price: $199,900
- Median sale price: $224,950
- Total homes sold: 360
#25. Houston, TX metro area
- Average sale-to-list ratio: 0.97
- Median list price: $325,000
- Median sale price: $330,000
- Total homes sold: 6,426
#24. Port St. Lucie, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $399,995
- Median sale price: $385,000
- Total homes sold: 710
#23. Las Vegas, NV metro area
- Average sale-to-list ratio: 0.97
- Median list price: $410,000
- Median sale price: $400,000
- Total homes sold: 1,997
#22. Toledo, OH metro area
- Average sale-to-list ratio: 0.97
- Median list price: $139,900
- Median sale price: $153,000
- Total homes sold: 550
#21. Philadelphia, PA metro area
- Average sale-to-list ratio: 0.97
- Median list price: $234,450
- Median sale price: $259,000
- Total homes sold: 1,498
#20. Rockford, IL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $139,950
- Median sale price: $161,000
- Total homes sold: 309
#19. Gulfport, MS metro area
- Average sale-to-list ratio: 0.97
- Median list price: $218,500
- Median sale price: $225,000
- Total homes sold: 417
#18. Phoenix, AZ metro area
- Average sale-to-list ratio: 0.97
- Median list price: $445,475
- Median sale price: $425,000
- Total homes sold: 4,703
#17. Cape Coral, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $430,000
- Median sale price: $384,945
- Total homes sold: 1,400
#16. Jacksonville, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $355,000
- Median sale price: $350,000
- Total homes sold: 2,066
#15. Panama City, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $385,000
- Median sale price: $359,429
- Total homes sold: 409
#14. Reno, NV metro area
- Average sale-to-list ratio: 0.97
- Median list price: $509,970
- Median sale price: $499,425
- Total homes sold: 424
#13. Deltona, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $354,495
- Median sale price: $339,900
- Total homes sold: 1,023
#12. Fort Lauderdale, FL metro area
- Average sale-to-list ratio: 0.97
- Median list price: $395,000
- Median sale price: $380,000
- Total homes sold: 2,057
#11. Detroit, MI metro area
- Average sale-to-list ratio: 0.97
- Median list price: $127,700
- Median sale price: $163,000
- Total homes sold: 1,492
#10. Punta Gorda, FL metro area
- Median list price: $399,999
- Median sale price: $365,000
- Total homes sold: 348
#9. New Orleans, LA metro area
- Average sale to list ratio: 0.96
- Median list price: $285,000
- Median sale price: $280,000
- Total homes sold: 914
#8. Peoria, IL metro area
- Average sale-to-list ratio: 0.96
- Median list price: $120,000
- Median sale price: $126,500
- Total homes sold: 411
#7. Miami, FL metro area
- Average sale-to-list ratio: 0.96
- Median list price: $530,000
- Median sale price: $455,000
- Total homes sold: 1,879
#6. Jackson, MS metro area
- Average sale-to-list ratio: 0.96
- Median list price: $207,000
- Median sale price: $239,450
- Total homes sold: 394
#5. Austin, TX metro area
- Average sale-to-list ratio: 0.96
- Median list price: $485,000
- Median sale price: $457,990
- Total homes sold: 2,382
#4. Naples, FL metro area
- Average sale-to-list ratio: 0.96
- Median list price: $799,450
- Median sale price: $580,000
- Total homes sold: 687
#3. Pittsburgh, PA metro area
- Average sale-to-list ratio: 0.96
- Median list price: $179,000
- Median sale price: $196,750
- Total homes sold: 1,882
#2. West Palm Beach, FL metro area
- Average sale-to-list ratio: 0.96
- Median list price: $465,000
- Median sale price: $415,000
- Total homes sold: 1,907
#1. Youngstown, OH metro area
- Average sale-to-list ratio: 0.96
- Median list price: $127,000
- Median sale price: $135,000
- Total homes sold: 459
