Metros where homes are selling for the most under asking price

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 2022, as the Federal Reserve raised its benchmark rates month after month to combat inflation. Though they have dipped slightly since then, rates remain above 6%. Even a half of a percentage point change can significantly affect the monthly payments required for a mortgage.

Since mortgage rates were under 4% for the better part of the past decade, many homebuyers locked in far more affordable rates 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 during the height of the pandemic.

And yet, there are still metro areas where homebuyers find homes selling below the asking price.

Stacker analyzed data from Redfin to see which metros had the most homes sold under the asking price. Data shows sales for May 2023. Metros with fewer than 300 home sales are excluded from this list. Metro areas are ranked on the average sale-to-list ratio, which is a ratio of sale price divided by list price, for homes that sold in May. Values are rounded to the nearest hundredth. Also listed are the metro area's median listing prices for homes on the market in May and median sale prices for those homes that sold during that month.

#50. Reno, Nevada

- Average sale to list ratio: 0.99
- Median list price: $586,000
- Median sale price: $539,950
- Total homes sold: 517
- Share that sold above list: 27.1%

#49. Nashville, Tennessee

- Average sale to list ratio: 0.99
- Median list price: $499,900
- Median sale price: $449,000
- Total homes sold: 3,246
- Share that sold above list: 21.3%

#48. Spartanburg, South Carolina

- Average sale to list ratio: 0.99
- Median list price: $299,900
- Median sale price: $291,108
- Total homes sold: 463
- Share that sold above list: 21.0%

#47. Beaumont, Texas

- Average sale to list ratio: 0.98
- Median list price: $229,945
- Median sale price: $220,000
- Total homes sold: 331
- Share that sold above list: 6.3%

#46. College Station, Texas

- Average sale to list ratio: 0.98
- Median list price: $320,780
- Median sale price: $324,900
- Total homes sold: 339
- Share that sold above list: 2.4%

#45. Gainesville, Florida

- Average sale to list ratio: 0.98
- Median list price: $331,762
- Median sale price: $315,000
- Total homes sold: 458
- Share that sold above list: 23.4%

#44. Scranton, Pennsylvania

- Average sale to list ratio: 0.98
- Median list price: $230,000
- Median sale price: $180,000
- Total homes sold: 398
- Share that sold above list: 32.9%

#43. Memphis, Tennessee

- Average sale to list ratio: 0.98
- Median list price: $299,500
- Median sale price: $291,500
- Total homes sold: 1,378
- Share that sold above list: 25.9%

#42. Phoenix, Arizona

- Average sale to list ratio: 0.98
- Median list price: $475,000
- Median sale price: $449,900
- Total homes sold: 7,388
- Share that sold above list: 18.7%

#41. Las Vegas, Nevada

- Average sale to list ratio: 0.98
- Median list price: $430,000
- Median sale price: $412,995
- Total homes sold: 3,138
- Share that sold above list: 22.0%

#40. Gary, Indiana

- Average sale to list ratio: 0.98
- Median list price: $264,900
- Median sale price: $253,250
- Total homes sold: 768
- Share that sold above list: 26.6%

#39. Houston, Texas

- Average sale to list ratio: 0.98
- Median list price: $359,000
- Median sale price: $340,000
- Total homes sold: 8,656
- Share that sold above list: 21.4%

#38. Hilton Head Island, South Carolina

- Average sale to list ratio: 0.98
- Median list price: $539,000
- Median sale price: $478,588
- Total homes sold: 641
- Share that sold above list: 17.3%

#37. Gainesville, Georgia

- Average sale to list ratio: 0.98
- Median list price: $405,240
- Median sale price: $430,000
- Total homes sold: 310
- Share that sold above list: 21.0%

#36. Mobile, Alabama

- Average sale to list ratio: 0.98
- Median list price: $229,125
- Median sale price: $232,500
- Total homes sold: 407
- Share that sold above list: 32.7%

#35. Pensacola, Florida

- Average sale to list ratio: 0.98
- Median list price: $354,900
- Median sale price: $336,859
- Total homes sold: 968
- Share that sold above list: 18.6%

#34. Orlando, Florida

- Average sale to list ratio: 0.98
- Median list price: $414,169
- Median sale price: $401,850
- Total homes sold: 4,050
- Share that sold above list: 19.4%

#33. Baton Rouge, Louisiana

- Average sale to list ratio: 0.98
- Median list price: $299,900
- Median sale price: $265,990
- Total homes sold: 851
- Share that sold above list: 16.1%

#32. Tampa, Florida

- Average sale to list ratio: 0.98
- Median list price: $399,900
- Median sale price: $370,000
- Total homes sold: 6,002
- Share that sold above list: 19.8%

#31. Daphne, Alabama

- Average sale to list ratio: 0.98
- Median list price: $420,223
- Median sale price: $390,000
- Total homes sold: 608
- Share that sold above list: 10.4%

#30. Lakeland, Florida

- Average sale to list ratio: 0.98
- Median list price: $339,000
- Median sale price: $325,000
- Total homes sold: 1,478
- Share that sold above list: 16.1%

#29. Myrtle Beach, South Carolina

- Average sale to list ratio: 0.98
- Median list price: $349,570
- Median sale price: $342,538
- Total homes sold: 1,932
- Share that sold above list: 11.2%

#28. Kingsport, Tennessee

- Average sale to list ratio: 0.98
- Median list price: $260,000
- Median sale price: $250,000
- Total homes sold: 323
- Share that sold above list: 26.9%

#27. San Antonio, Texas

- Average sale to list ratio: 0.98
- Median list price: $340,000
- Median sale price: $325,000
- Total homes sold: 3,070
- Share that sold above list: 21.6%

#26. Palm Bay, Florida

- Average sale to list ratio: 0.98
- Median list price: $375,000

- Median sale price: $353,230
- Total homes sold: 1,217
- Share that sold above list: 17.8%

#25. Montgomery, Alabama

- Average sale to list ratio: 0.98
- Median list price: $230,000
- Median sale price: $245,368
- Total homes sold: 452
- Share that sold above list: 21.9%

#24. Prescott Valley, Arizona

- Average sale to list ratio: 0.98
- Median list price: $607,250
- Median sale price: $525,000
- Total homes sold: 363
- Share that sold above list: 17.1%

#23. Austin, Texas

- Average sale to list ratio: 0.98
- Median list price: $504,000
- Median sale price: $468,250
- Total homes sold: 3,217
- Share that sold above list: 17.9%

#22. Ocala, Florida

- Average sale to list ratio: 0.98
- Median list price: $289,900
- Median sale price: $270,000
- Total homes sold: 991
- Share that sold above list: 15.2%

#21. Lafayette, Louisiana

- Average sale to list ratio: 0.98
- Median list price: $255,900
- Median sale price: $232,500
- Total homes sold: 423
- Share that sold above list: 13.9%

#20. Gulfport, Mississippi

- Average sale to list ratio: 0.98
- Median list price: $255,000
- Median sale price: $261,690
- Total homes sold: 546
- Share that sold above list: 17.8%

#19. McAllen, Texas

- Average sale to list ratio: 0.98
- Median list price: $260,000
- Median sale price: $250,000
- Total homes sold: 375
- Share that sold above list: 16.5%

#18. Lake Havasu City, Arizona

- Average sale to list ratio: 0.97
- Median list price: $379,900
- Median sale price: $375,000
- Total homes sold: 408
- Share that sold above list: 10.3%

#17. Jacksonville, Florida

- Average sale to list ratio: 0.97
- Median list price: $394,693
- Median sale price: $365,000
- Total homes sold: 2,770
- Share that sold above list: 15.2%

#16. Homosassa Springs, Florida

- Average sale to list ratio: 0.97
- Median list price: $299,900
- Median sale price: $275,000
- Total homes sold: 380
- Share that sold above list: 11.1%

#15. North Port, Florida

- Average sale to list ratio: 0.97
- Median list price: $484,900
- Median sale price: $460,000
- Total homes sold: 2,481
- Share that sold above list: 10.3%

#14. Panama City, Florida

- Average sale to list ratio: 0.97
- Median list price: $392,500
- Median sale price: $375,000
- Total homes sold: 518
- Share that sold above list: 9.1%

#13. Deltona, Florida

- Average sale to list ratio: 0.97
- Median list price: $372,450
- Median sale price: $350,000
- Total homes sold: 1,536
- Share that sold above list: 14.2%

#12. Crestview, Florida

- Average sale to list ratio: 0.97
- Median list price: $520,000
- Median sale price: $450,000
- Total homes sold: 840
- Share that sold above list: 12.6%

#11. Jackson, Mississippi

- Average sale to list ratio: 0.97
- Median list price: $254,650
- Median sale price: $260,000
- Total homes sold: 543
- Share that sold above list: 23.4%

#10. Shreveport, Louisiana

- Average sale to list ratio: 0.97
- Median list price: $235,000
- Median sale price: $220,000
- Total homes sold: 423
- Share that sold above list: 14.9%

#9. Fort Lauderdale, Florida

- Average sale to list ratio: 0.97
- Median list price: $429,900
- Median sale price: $420,000
- Total homes sold: 2,878
- Share that sold above list: 19.1%

#8. Port St. Lucie, Florida

- Average sale to list ratio: 0.97
- Median list price: $425,000
- Median sale price: $395,000
- Total homes sold: 1,023
- Share that sold above list: 11.3%

#7. Punta Gorda, Florida

- Average sale to list ratio: 0.97
- Median list price: $395,000
- Median sale price: $359,900
- Total homes sold: 605
- Share that sold above list: 9.8%

#6. New Orleans, Louisiana

- Average sale to list ratio: 0.97
- Median list price: $315,000
- Median sale price: $292,750
- Total homes sold: 1,200
- Share that sold above list: 15.0%

#5. Cape Coral, Florida

- Average sale to list ratio: 0.97
- Median list price: $425,000
- Median sale price: $415,000
- Total homes sold: 2,075
- Share that sold above list: 11.8%

#4. Miami, Florida

- Average sale to list ratio: 0.97
- Median list price: $549,450
- Median sale price: $520,000
- Total homes sold: 2,477
- Share that sold above list: 15.7%

#3. Sebastian, Florida

- Average sale to list ratio: 0.96
- Median list price: $399,900
- Median sale price: $380,000
- Total homes sold: 424
- Share that sold above list: 8.7%

#2. Naples, Florida

- Average sale to list ratio: 0.96
- Median list price: $749,000
- Median sale price: $650,000
- Total homes sold: 1,098
- Share that sold above list: 7.5%

#1. West Palm Beach, Florida

- Average sale to list ratio: 0.96
- Median list price: $749,000
- Median sale price: $650,000
- Total homes sold: 1,098
- Share that sold above list: 7.5%