The Typical Homebuyer Pays Roughly 2% Less than the List Price–The Biggest Discount in 2 Years
Redfin reports many listings are selling for under asking price, and most are lingering on the market.
Redfin data as of January shows that nationwide, buyers may have more room for negotiation than they have in several years:
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The typical
U.S. home is selling for1.8% less than its asking price, the biggest discount in nearly two years. - The typical home that sells is taking 56 days to go under contract, the longest span in nearly five years.
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More than half (
56% ) of listings are sitting on the market for at least 60 days without going under contract, roughly the same share during this time of year in 2023 and 2024. That’s down from the prior month, when61% of listings were on the market for at least 60 days–the highest share in five years.
Today’s housing market is slow mostly because it’s so expensive to buy a home. The average 30-year mortgage rate was
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’s market, with sellers of homes that have been sitting on the market for a few weeks open to lowering the price.
Other Redfin agents note that while the pool of unsold inventory is growing and many homes are selling for under asking price, that doesn’t necessarily mean buyers have a big pool of desirable homes to choose from.
“More listings are hitting the market, but they’re not always the type of home buyers want and need,” said Charles Wheeler, a Redfin Premier agent in
In Coastal Florida, Homes Are Selling For Roughly
Homes are selling furthest below their asking price in
Coastal Florida’s 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 insurance costs, HOA fees and property taxes in
The typical home is selling for over its asking price in just seven of the 50 most populous
More than
There are five
On the other end of the spectrum is the
To view the full report, including a chart, please visit: https://www.redfin.com/news/homebuyers-paying-under-list-price-stale-inventory
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
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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/20250212502513/en/
Contact Redfin
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press@redfin.com
Source: Redfin