Redfin Reports 68% of Condos Sold Below List Price in February—the Highest Share in 5 Years
Redfin (NASDAQ: RDFN) reports that 68.4% of U.S. condos sold below asking price in February 2024, marking a five-year high and up from 63.3% year-over-year. This trend extends across property types, with townhouses (59.4%) and single-family homes (64.2%) also seeing increases in below-list sales.
The condo market's slowdown is particularly pronounced due to surging insurance costs and HOA fees. The typical condo sold for 4.6% below list price, with a sale-to-original-list-price ratio of 95.4%, down from 96.4% a year earlier.
Notable market changes include Orlando, where 84.8% of condos sold below asking price and listings jumped 30.7% year-over-year. Denver saw the largest increase in below-list sales, up 17.2 percentage points. The trend reflects broader market cooling as inventory climbs and high prices combined with elevated mortgage rates dampen demand.
Redfin (NASDAQ: RDFN) riporta che 68,4% dei condomini negli Stati Uniti sono stati venduti al di sotto del prezzo richiesto a febbraio 2024, segnando un massimo di cinque anni e un aumento rispetto al 63,3% dell'anno precedente. Questa tendenza si estende a tutti i tipi di proprietà, con le villette (59,4%) e le case unifamiliari (64,2%) che mostrano anch'esse aumenti nelle vendite al di sotto del prezzo di listino.
Il rallentamento del mercato dei condomini è particolarmente evidente a causa dell'aumento dei costi delle assicurazioni e delle spese condominiali. Il prezzo medio di vendita dei condomini è stato del 4,6% inferiore al prezzo di listino, con un rapporto di vendita sul prezzo originale di listino del 95,4%, in calo rispetto al 96,4% di un anno fa.
Tra i cambiamenti significativi del mercato c'è Orlando, dove l'84,8% dei condomini è stato venduto al di sotto del prezzo richiesto e le inserzioni sono aumentate del 30,7% rispetto all'anno precedente. Denver ha registrato il maggior aumento nelle vendite al di sotto del prezzo di listino, con un incremento di 17,2 punti percentuali. Questa tendenza riflette un raffreddamento più ampio del mercato poiché l'inventario cresce e i prezzi elevati, insieme ai tassi ipotecari alti, riducono la domanda.
Redfin (NASDAQ: RDFN) informa que 68.4% de los condominios en EE. UU. se vendieron por debajo del precio de lista en febrero de 2024, marcando un máximo de cinco años y un aumento respecto al 63.3% del año anterior. Esta tendencia se extiende a todos los tipos de propiedades, con casas adosadas (59.4%) y unifamiliares (64.2%) que también han visto incrementos en las ventas por debajo del precio de lista.
La desaceleración del mercado de condominios es particularmente pronunciada debido al aumento de los costos de seguros y las tarifas de la HOA. El condominio típico se vendió por un 4.6% por debajo del precio de lista, con un ratio de venta sobre el precio original de lista del 95.4%, en comparación con el 96.4% del año anterior.
Cambios notables en el mercado incluyen Orlando, donde el 84.8% de los condominios se vendieron por debajo del precio de lista y las listas aumentaron un 30.7% interanual. Denver vio el mayor aumento en las ventas por debajo del precio de lista, con un incremento de 17.2 puntos porcentuales. Esta tendencia refleja un enfriamiento más amplio del mercado a medida que el inventario aumenta y los altos precios, junto con las tasas hipotecarias elevadas, disminuyen la demanda.
레드핀 (NASDAQ: RDFN)은 2024년 2월 미국의 68.4%가 아파트가 요청 가격보다 낮게 판매되었다고 보고하며, 이는 5년 만의 최고치로 지난해 63.3%에서 증가한 수치입니다. 이 추세는 모든 유형의 부동산으로 확장되며, 타운하우스(59.4%)와 단독 주택(64.2%)도 가격 이하 판매가 증가했습니다.
아파트 시장의 둔화는 보험 비용과 HOA 수수료의 급증으로 인해 특히 두드러집니다. 일반 아파트는 목록 가격보다 4.6% 낮은 가격에 판매되었으며, 원래 목록 가격 대비 판매 비율은 95.4%로, 작년의 96.4%에서 하락했습니다.
주목할 만한 시장 변화로는 올랜도에서 84.8%의 아파트가 요청 가격보다 낮게 판매되었고, 목록이 지난해 대비 30.7% 증가한 점이 있습니다. 덴버는 가격 이하 판매에서 17.2 포인트의 가장 큰 증가를 보였습니다. 이 추세는 재고가 증가하고 높은 가격과 높은 모기지 금리가 수요를 감소시키면서 시장의 전반적인 냉각을 반영합니다.
Redfin (NASDAQ: RDFN) rapporte que 68,4% des condominiums aux États-Unis ont été vendus en dessous du prix demandé en février 2024, atteignant un sommet de cinq ans et augmentant par rapport à 63,3% d'une année sur l'autre. Cette tendance s'étend à tous les types de propriétés, les maisons en rangée (59,4%) et les maisons individuelles (64,2%) ayant également connu des augmentations des ventes en dessous du prix de liste.
Le ralentissement du marché des condominiums est particulièrement prononcé en raison de l'augmentation des coûts d'assurance et des frais de la HOA. Le condominium typique a été vendu à 4,6% en dessous du prix de liste, avec un ratio de vente par rapport au prix de liste original de 95,4%, en baisse par rapport à 96,4% l'année précédente.
Des changements notables sur le marché incluent Orlando, où 84,8% des condominiums ont été vendus en dessous du prix demandé et les annonces ont augmenté de 30,7% d'une année sur l'autre. Denver a enregistré la plus forte augmentation des ventes en dessous du prix de liste, avec une hausse de 17,2 points de pourcentage. Cette tendance reflète un refroidissement plus large du marché alors que l'inventaire augmente et que les prix élevés, combinés à des taux hypothécaires élevés, réduisent la demande.
Redfin (NASDAQ: RDFN) berichtet, dass 68,4% der Eigentumswohnungen in den USA im Februar 2024 unter dem Listenpreis verkauft wurden, was einen fünfjährigen Höchststand darstellt und im Vergleich zu 63,3% im Vorjahr gestiegen ist. Dieser Trend erstreckt sich über alle Immobilienarten, wobei Reihenhäuser (59,4%) und Einfamilienhäuser (64,2%) ebenfalls einen Anstieg der Verkäufe unter dem Listenpreis verzeichnen.
Die Verlangsamung des Marktes für Eigentumswohnungen ist aufgrund steigender Versicherungs- und HOA-Gebühren besonders ausgeprägt. Die typische Eigentumswohnung wurde 4,6% unter dem Listenpreis verkauft, mit einem Verkaufs-zu-ursprünglichem-Listenpreis-Verhältnis von 95,4%, was einem Rückgang von 96,4% im Vorjahr entspricht.
Bemerkenswerte Marktveränderungen sind in Orlando zu verzeichnen, wo 84,8% der Eigentumswohnungen unter dem Listenpreis verkauft wurden und die Angebote im Jahresvergleich um 30,7% gestiegen sind. Denver verzeichnete den größten Anstieg der Verkäufe unter dem Listenpreis mit einem Anstieg von 17,2 Prozentpunkten. Dieser Trend spiegelt eine breitere Abkühlung des Marktes wider, da der Bestand steigt und hohe Preise zusammen mit erhöhten Hypothekenzinsen die Nachfrage dämpfen.
- Buyers gaining more negotiating power in the market
- Increased inventory providing more options for buyers
- Sellers offering concessions, creating potential buying opportunities
- 68.4% of condos selling below asking price indicates weakening market conditions
- Sale-to-list price ratio declined to 95.4% from 96.4% year-over-year
- Significant inventory increase (30.7% YoY in Orlando) suggesting oversupply
- Rising HOA fees and insurance costs pricing out potential buyers
- Market cooling across all property types due to high prices and mortgage rates
Insights
The cooling condo market represents a significant shift in real estate dynamics, with 68.4% of U.S. condos selling below asking price in February—a 5-year high and 5.1 percentage points higher year-over-year. This exceeds the cooling seen in townhouses (59.4% below list) and single-family homes (64.2% below list).
What's particularly telling is the widening gap between listing and selling prices. The typical condo's sale-to-list ratio deteriorated to 95.4% from 96.4% a year ago, indicating sellers must accept deeper discounts to complete transactions. The structural pressures of surging insurance costs and escalating HOA fees have fundamentally altered the value proposition of condos, eliminating their traditional affordability advantage.
Regional disparities reveal where this trend is most pronounced. Orlando's condo market shows severe stress with 84.8% of units selling below list and typical discounts approaching 10%. The 30.7% year-over-year inventory surge there signals a potential supply-demand imbalance. Denver, Virginia Beach, and Charlotte have experienced the most dramatic market shifts with double-digit increases in below-list sales percentages.
This trend creates a challenging operational environment for Redfin's transaction-based business model, potentially compressing margins on listings that require extended market time and multiple price adjustments. However, the buyer's market dynamics could increase transaction volumes for buyer-side representation, where Redfin's technology platform and pricing model may provide competitive advantages in price-sensitive segments.
The pronounced cooling in the condo market presents mixed implications for Redfin's revenue outlook. The higher proportion of below-list sales across all property types, but especially condos, suggests a market shift that will likely compress transaction values and potentially extend sales cycles—both negative factors for commission-based revenues.
Particularly concerning is the acceleration of this trend in condos compared to other property types. The 5.1 percentage point year-over-year increase in below-list condo sales outpaces the changes seen in single-family homes (3 points) and townhouses (4.7 points). This could signal broader market weakness spreading from the most vulnerable segment.
The regional concentration of market stress presents a geographic risk profile worth monitoring. Florida markets showing severe deterioration could disproportionately impact Q1-Q2 performance metrics if they represent significant transaction volumes for Redfin. The 30.7% spike in Orlando condo listings versus the 15.3% national average suggests potential inventory challenges that could pressure pricing further.
One offsetting factor is the opportunity to leverage Redfin's technology platform to efficiently serve price-sensitive buyers in this newly advantageous negotiating environment. The firm's lower commission structure could attract cost-conscious sellers facing market pressure, potentially supporting market share growth despite challenging conditions.
From a revenue perspective, these trends suggest potential headwinds in transaction values that might not be fully offset by transaction volume, warranting close attention to Redfin's upcoming quarterly performance metrics, particularly average revenue per transaction and total transaction counts across property segments.
The condo market has been slowing due to surging insurance costs and HOA fees, which have priced many buyers out. It has also become more common for townhouses and single-family homes to sell below list price as buyers gain negotiating power amid rising inventory and high housing costs.
The share of townhouses selling for below their original asking price also hit the highest February level in five years, rising to
Across all property types, the share of homes selling for less than their original list price has been returning to pre-pandemic norms. But condos are closest to reaching that benchmark; the share of condos that sold for less than list price in February was just 3.5 percentage points below February 2019 levels, while single-family homes and townhouses were short a respective 4.1 and 4.9 percentage points.
The housing market has been cooling as inventory has climbed and elevated prices and mortgage rates have dampened demand. This has given buyers who are in the market more bargaining power, often allowing them to negotiate a lower price. Redfin agents say the condo market has been slowing especially quickly—particularly in Florida—as rising insurance costs and new safety regulations cause HOA fees to soar.
Not only is it becoming more common for condos to sell for below their list price; condo sellers are also seeing a bigger gap between their sale and list prices than they were in the past. The typical condo that sold in February had a sale-to-original-list-price ratio of
Many people have been priced out of the condo market, which was once seen as the affordable way to break into homeownership.
“The Florida condo market is in uncharted territory,” said Tim Harper, a Redfin Premier real estate agent in the
Condo listings in
Other condo markets are softening, too. In
“Oh condos. Poor condos,” said
But it’s not all doom and gloom in the condo market, said Redfin Senior Economist Asad Khan.
“The good news if you're a prospective condo buyer is that sale prices are now falling in some areas, and sellers are offering up concessions, meaning you might be able to get a good deal,” Khan said. “If you've been priced out of owning a condo, know that rents are hovering below their pandemic highs thanks to an apartment building boom, so renters may also find success asking for concessions."
If you’re a seller, Redfin agents strongly recommend pricing your condo fairly from the get-go so that you find a buyer quickly; if your condo ends up sitting on the market, it can scare buyers off.
To view the full report, including a chart and a metro-level summary, please visit: https://www.redfin.com/news/condos-selling-below-list-price/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250403315832/en/
Contact Redfin
Redfin Journalist Services:
Isabelle Novak
press@redfin.com
Source: Redfin
FAQ
What percentage of condos sold below list price for Redfin (RDFN) in February 2024?
How much below list price are RDFN condos typically selling for in 2024?
Which city showed the biggest increase in below-list condo sales according to Redfin?
How much did condo listings increase in Orlando according to RDFN's report?
What are the main factors causing the condo market slowdown according to Redfin's report?
