{"id":812003,"date":"2025-02-12T08:09:24","date_gmt":"2025-02-12T13:09:24","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\/"},"modified":"2025-02-12T08:09:24","modified_gmt":"2025-02-12T13:09:24","slug":"the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\/","title":{"rendered":"The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years<\/b><\/p>\n<p class=\"bwalignc\"><i>Redfin reports many listings are selling for under asking price, and most are lingering on the market. Florida homebuyers are seeing the biggest discount.<\/i><\/p>\n<p>SEATTLE&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\n(NASDAQ: RDFN) \u2014 Today\u2019s average home listing is selling for under its asking price, and taking a long time to sell, according to a new <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhomebuyers-paying-under-list-price-stale-inventory&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=report&amp;index=1&amp;md5=8365d4d1eddd959e4796aaa4d3d5fc96\">report<\/a> from Redfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=redfin.com&amp;index=2&amp;md5=5933fbc85e5a9d85b05354e93bf730c0\">redfin.com<\/a>), the technology-powered real estate brokerage. While that\u2019s not ideal for sellers, it\u2019s good news for homebuyers who have been grappling with high housing costs and a shortage of inventory.<\/p>\n<p>\nRedfin data as of January shows that nationwide, buyers may have more room for negotiation than they have in several years:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe typical U.S. home is selling for 1.8% less than its asking price, the biggest discount in nearly two years.<\/p>\n<\/li>\n<li>\nThe typical home that sells is taking 56 days to go under contract, the longest span in nearly five years.<\/p>\n<\/li>\n<li>\nMore 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\u2019s down from the prior month, when 61% of listings were on the market for at least 60 days\u2013the highest share in five years.<\/p>\n<\/li>\n<\/ul>\n<p>\nToday\u2019s housing market is slow mostly because it\u2019s so expensive to buy a home. The average 30-year mortgage rate was 6.96% in January. That\u2019s down from the two-decade high of 7.62% hit in 2023, but remains well above the 3% to 5% rates that were common before and during the pandemic. The median U.S. home-sale price is up 4% year over year; together, high prices and rates have pushed the typical homebuyer\u2019s monthly payment <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-home-sales-slow-costs-high%2F&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=near+record+highs&amp;index=3&amp;md5=063395a7eea94bc3fb1d593e93daa53f\">near record highs<\/a>. Political and economic uncertainty is another reason some would-be buyers are pumping the brakes.<\/p>\n<p>\nThe 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\u2019s market, with sellers of homes that have been sitting on the market for a few weeks open to lowering the price.<\/p>\n<p>\nOther Redfin agents note that while the pool of unsold inventory is growing and many homes are selling for under asking price, that doesn\u2019t necessarily mean buyers have a big pool of desirable homes to choose from.<\/p>\n<p>\n\u201cMore listings are hitting the market, but they\u2019re not always the type of home buyers want and need,\u201d said <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Freal-estate-agents%2Fcharles-wheeler&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=Charles+Wheeler&amp;index=4&amp;md5=8a0a80ff456745a7496abef25776941a\">Charles Wheeler<\/a>, a <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fpremier&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=Redfin+Premier&amp;index=5&amp;md5=f3eae20470ce39f8dae4553e16e8d537\">Redfin Premier<\/a> agent in San Diego. \u201cThe listings lingering on the market tend to be in unpopular neighborhoods, or require renovation. Relatively affordable, move-in ready homes close to highly rated schools are selling quickly, often with multiple offers.\u201d<\/p>\n<p><b>In Coastal Florida, Homes Are Selling For Roughly 5% Below Asking Price\u2013the Biggest Discount in the Country<\/b><\/p>\n<p>\nHomes are selling furthest below their asking price in Florida. In West Palm Beach, Fort Lauderdale and Miami, the typical home is selling for roughly 5% less than its asking price, the biggest discount among the 50 most populous U.S. metros. Next come two other Florida metros: Tampa and Jacksonville, where the typical home is selling for about 4% less than its asking price. Homes in all of those metros are also selling for a bigger discount than they were a year ago.<\/p>\n<p>\nCoastal Florida\u2019s 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 <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhome-insurance-survey-report-2024%2F&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=insurance+costs&amp;index=6&amp;md5=5815d4b3286b1df9690bfe2d6696c321\">insurance costs<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhoa-fees-surge-florida-2024%2F&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=HOA+fees&amp;index=7&amp;md5=fa5e60b855aa9963d56d304e686f7d0f\">HOA fees<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fproperty-tax-homebuyer-increase-florida%2F&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=property+taxes&amp;index=8&amp;md5=66f4b1f6f47052c965152a464dbdd91c\">property taxes<\/a> in Florida. Slow homebuying demand means more sellers are open to accepting an offer under asking price.<\/p>\n<p>\nThe typical home is selling for over its asking price in just seven of the 50 most populous U.S. metros, led by the Bay Area. The typical home is selling for roughly 3% above asking price in San Jose, CA, followed by Newark, NJ (2.5%), San Francisco (2.5%), Oakland, CA (1%) and Nassau County, NY (0.5%).<\/p>\n<p><b>More than 60% of Miami Homes Sit on the Market For 60+ Days<\/b><\/p>\n<p>\nThere are five U.S. metros where 60%-plus of listings are sitting on the market for at least two months without going under contract. Three of them are in Florida. In both Miami and Pittsburgh, 63% of listings linger on the market for at least 60 days, followed by San Antonio (62%), Fort Lauderdale (61%) and West Palm Beach (60%).<\/p>\n<p>\nOn the other end of the spectrum is the Bay Area. Just over one-third of home listings in San Jose (34%), Oakland (36%) and San Francisco (38%) are sitting on the market for 60 days or more, followed by Boston (39%) and San Diego (42%).<\/p>\n<p>\nTo view the full report, including a chart, please visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhomebuyers-paying-under-list-price-stale-inventory&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhomebuyers-paying-under-list-price-stale-inventory&amp;index=9&amp;md5=eb53f4fac749c51e9aa2f883b022058c\">https:\/\/www.redfin.com\/news\/homebuyers-paying-under-list-price-stale-inventory<\/a><\/p>\n<p><b>About Redfin<\/b><\/p>\n<p>\nRedfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=10&amp;md5=744d45ce7ac41cbf226462417b20d98c\">www.redfin.com<\/a>) 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&#8217;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&#8217;ve saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.<\/p>\n<p>\nRedfin\u2019s subsidiaries and affiliated brands include: Bay Equity Home Loans\u00ae, Rent.\u2122, Apartment Guide\u00ae, Title Forward\u00ae and WalkScore\u00ae.<\/p>\n<p>\nFor more information or to contact a local Redfin real estate agent, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=11&amp;md5=95a66bf719caaface0379b5d2ebe90b8\">www.redfin.com<\/a>. To learn about housing market trends and download data, visit the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=Redfin+Data+Center&amp;index=12&amp;md5=35a1bc80653bceb2981f9f51b1c76e91\">Redfin Data Center<\/a>. To be added to Redfin&#8217;s press release distribution list, email <a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a>. To view Redfin&#8217;s press center, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;esheet=54204713&amp;newsitemid=20250212502513&amp;lan=en-US&amp;anchor=click+here&amp;index=13&amp;md5=2ef6bfb48835579bbeea1e68f0a673a8\">click here<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250212502513r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250212502513\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250212502513\/en\/<\/a><\/span><\/p>\n<p>\nContact Redfin<br \/>\n<br \/>Redfin Journalist Services:<br \/>\n<br \/>Ally Forsell, 206-588-6863<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Washington United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Technology Residential Building &amp; Real Estate Finance Construction &amp; Property Internet<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250212502513\/en\/1407505\/3\/Redfin_Standard_Web_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years Redfin reports many listings are selling for under asking price, and most are lingering on the market. Florida homebuyers are seeing the biggest discount. SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Today\u2019s average home listing is selling for under its asking price, and taking a long time to sell, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. While that\u2019s not ideal for sellers, it\u2019s good news for homebuyers who have been grappling with high housing costs and a shortage of inventory. Redfin data as of January shows that nationwide, buyers may have more room for negotiation than they have in several &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-812003","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years Redfin reports many listings are selling for under asking price, and most are lingering on the market. Florida homebuyers are seeing the biggest discount. SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Today\u2019s average home listing is selling for under its asking price, and taking a long time to sell, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. While that\u2019s not ideal for sellers, it\u2019s good news for homebuyers who have been grappling with high housing costs and a shortage of inventory. Redfin data as of January shows that nationwide, buyers may have more room for negotiation than they have in several &hellip; Continue reading &quot;The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-12T13:09:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250212502513r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years\",\"datePublished\":\"2025-02-12T13:09:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\\\/\"},\"wordCount\":1030,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20250212502513r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-typical-homebuyer-pays-roughly-2-less-than-the-list-price-the-biggest-discount-in-2-years\\\/\",\"name\":\"The Typical Homebuyer Pays Roughly 2% Less than the List Price\u2013The Biggest Discount in 2 Years - 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