{"id":833521,"date":"2025-04-03T09:16:31","date_gmt":"2025-04-03T13:16:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-68-of-condos-sold-below-list-price-in-february-the-highest-share-in-5-years\/"},"modified":"2025-04-03T09:16:31","modified_gmt":"2025-04-03T13:16:31","slug":"redfin-reports-68-of-condos-sold-below-list-price-in-february-the-highest-share-in-5-years","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-68-of-condos-sold-below-list-price-in-february-the-highest-share-in-5-years\/","title":{"rendered":"Redfin Reports 68% of Condos Sold Below List Price in February\u2014the Highest Share in 5 Years"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }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>Redfin Reports 68% of Condos Sold Below List Price in February\u2014the Highest Share in 5 Years<\/b><\/p>\n<p class=\"bwalignc\"><i>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.<\/i><\/p>\n<p>SEATTLE&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\n(NASDAQ: RDFN) \u2014 Roughly two-thirds (68.4%) of U.S. condos that sold in February sold for less than their original asking price, up from 63.3% a year earlier and the highest February level in five years, 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%2Fcondos-selling-below-list-price%2F&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=report&amp;index=1&amp;md5=8278ca5cf75dabf28673c6cd047d3d8b\">report<\/a> from Redfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fredfin.com&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=redfin.com&amp;index=2&amp;md5=832e01b9644028d9764c6959c6e888d3\">redfin.com<\/a>), the technology-powered real estate brokerage.\n<\/p>\n<p>\nThe share of townhouses selling for below their original asking price also hit the highest February level in five years, rising to 59.4% from 54.7% a year earlier\u2014but that\u2019s smaller than the uptick for condos. The share of single-family homes selling for less than list price hit the highest February level in two years, climbing to 64.2% from 61.2% a year earlier\u2014also smaller than the uptick for condos.\n<\/p>\n<p>\nAcross 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.\n<\/p>\n<p>\nThe housing market has been cooling as inventory has climbed and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-monthly-housing-payment-record-high-2025%2F&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=elevated&amp;index=3&amp;md5=4c1ecdda3af2f40a185b6c6b793b26bc\">elevated<\/a> prices and mortgage rates have dampened demand. This has given buyers who <i>are<\/i> in the market more <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-good-news-for-homebuyers-2025%2F&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=bargaining&amp;index=4&amp;md5=7bb2c219a68c87f1375b5cd4204ec0b7\">bargaining<\/a> power, often allowing them to negotiate a lower price. Redfin agents say the condo market has been slowing especially quickly\u2014particularly in Florida\u2014as rising <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=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=insurance&amp;index=5&amp;md5=6ca395545fc7902aac912c8dcc487cd7\">insurance<\/a> costs and new safety <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fflorida-condo-prices-rise-inland%2F&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=regulations&amp;index=6&amp;md5=25662069cde7a917667c90ba01510899\">regulations<\/a> cause <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=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=HOA&amp;index=7&amp;md5=4fb611ca5aec6ba40edfaa888fc75c4b\">HOA<\/a> fees to soar.\n<\/p>\n<p>\nNot only is it becoming more <i>common<\/i> for condos to sell for below their list price; condo sellers are also seeing a bigger <i>gap<\/i> 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 95.4%, meaning it sold for 4.6% less than the owner listed it for. That\u2019s down from a ratio of 96.4% a year earlier and nearly 100% three years earlier.\n<\/p>\n<p>\nMany people have been priced out of the condo market, which was once seen as the affordable way to break into homeownership.\n<\/p>\n<p>\n\u201cThe Florida condo market is in uncharted territory,\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%2Ftim-harper&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=Tim+Harper&amp;index=8&amp;md5=ee81200da37282e2b338f915fab36415\">Tim Harper<\/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=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=Redfin+Premier&amp;index=9&amp;md5=8a8f3957a844e8f2b5aef0e9a239c62c\">Redfin Premier<\/a> real estate agent in the Orlando metro area, where 84.8% of condos that sold in February went for less than their original asking price. \u201cWe\u2019re seeing a massive influx of condo inventory because a lot of senior citizens on fixed incomes can no longer afford their monthly payments, and a lot of other condo owners just want to move because they\u2019re tired of dealing with rising HOA fees and special assessments.\u201d\n<\/p>\n<p>\nCondo listings in <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F13655%2FFL%2FOrlando&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=Orlando&amp;index=10&amp;md5=c992df1128d5199896f714842c45815c\">Orlando<\/a> jumped 30.7% year over year in February\u2014double the 15.3% nationwide gain\u2014and the typical condo that sold there had a sale-to-original-list-price ratio of 90.8%, compared with 94.1% a year earlier. That means it sold for nearly 10% less than its original asking price.\n<\/p>\n<p>\nOther condo markets are softening, too. In <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F5155%2FCO%2FDenver&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=Denver&amp;index=11&amp;md5=98b21ff976dfd84b204fccc59f9e82c3\">Denver<\/a>, 77.2% of condos sold for less than their original list price in February, up 17.2 percentage points from a year earlier\u2014the biggest increase among the metros Redfin analyzed. It was followed by <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F20418%2FVA%2FVirginia-Beach&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=Virginia+Beach%2C+VA&amp;index=12&amp;md5=3444c821eee5d23fb5f7161d4391fc42\">Virginia Beach, VA<\/a> (+16.2 ppts) and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F3105%2FNC%2FCharlotte&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=Charlotte%2C+NC&amp;index=13&amp;md5=bcf002864ffc9625a1e36a5954061cb2\">Charlotte, NC<\/a> (+15.3 ppts).\n<\/p>\n<p>\n\u201cOh condos. Poor condos,\u201d said <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F16409%2FCA%2FSacramento&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=Sacramento%2C+CA&amp;index=14&amp;md5=3670bff2b0eb26f57fe137dbae314e4b\">Sacramento, CA<\/a> Redfin Premier agent <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Freal-estate-agents%2Falison-williams&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=Alison+Williams&amp;index=15&amp;md5=18b9b9afb75073d1e923f95e843c561d\">Alison Williams<\/a>. \u201cHOA dues are just going up and up and up, primarily because insurance costs for homeowners associations are going up. When you buy a $400,000 condo, it often means paying a $500 monthly HOA fee, so for many people, it\u2019s not really that affordable anymore. Some buyers are looking to small single-family homes instead because there\u2019s no HOA.\u201d\n<\/p>\n<p>\nBut it\u2019s not all doom and gloom in the condo market, said Redfin Senior Economist <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fauthor%2Fasad-khan%2F&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=Asad+Khan&amp;index=16&amp;md5=20a621a90b4b9a5838004e1c62e4410a\">Asad Khan<\/a>.\n<\/p>\n<p>\n\u201cThe good news if you&#8217;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,\u201d Khan said. \u201cIf you&#8217;ve been priced out of owning a condo, know that rents are hovering <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Frental-tracker-february-2025%2F&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=below&amp;index=17&amp;md5=19bb101a1ab448023ffebb2289ebdfdc\">below<\/a> their pandemic highs thanks to an apartment building boom, so renters may also find success asking for concessions.&#8221;\n<\/p>\n<p>\nIf you\u2019re 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.\n<\/p>\n<p>\nTo view the full report, including a chart and a metro-level summary, please visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fcondos-selling-below-list-price%2F&amp;esheet=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fcondos-selling-below-list-price%2F&amp;index=18&amp;md5=8a8e22eb4f08019f21c078b5b49e0265\">https:\/\/www.redfin.com\/news\/condos-selling-below-list-price\/<\/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=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=19&amp;md5=d66e03e0b228afdbe33541935db2c56d\">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 $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.\n<\/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.\n<\/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=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=20&amp;md5=913f60f0ad8abdf75b5aebcdfc6a08ab\">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=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=Redfin+Data+Center&amp;index=21&amp;md5=f3d68527f014ba2ec04af9512dff8118\">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=54233028&amp;newsitemid=20250403315832&amp;lan=en-US&amp;anchor=click+here&amp;index=22&amp;md5=cea6d58adfcea7830738b032268a5e94\">click here<\/a>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250403315832r1&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\/20250403315832\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250403315832\/en\/<\/a><\/span><\/p>\n<p>\nContact Redfin<br \/>\n<br \/>Redfin Journalist Services:<br \/>\n<br \/>Isabelle Novak<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Washington<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Residential Building &amp; Real Estate Technology Construction &amp; Property Urban Planning Software<\/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\/20250403315832\/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>Redfin Reports 68% of Condos Sold Below List Price in February\u2014the Highest Share in 5 Years 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. SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Roughly two-thirds (68.4%) of U.S. condos that sold in February sold for less than their original asking price, up from 63.3% a year earlier and the highest February level in five years, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The share of townhouses selling for &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-68-of-condos-sold-below-list-price-in-february-the-highest-share-in-5-years\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Reports 68% of Condos Sold Below List Price in February\u2014the Highest Share in 5 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-833521","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>Redfin Reports 68% of Condos Sold Below List Price in February\u2014the Highest Share in 5 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\/redfin-reports-68-of-condos-sold-below-list-price-in-february-the-highest-share-in-5-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports 68% of Condos Sold Below List Price in February\u2014the Highest Share in 5 Years - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Reports 68% of Condos Sold Below List Price in February\u2014the Highest Share in 5 Years 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. SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Roughly two-thirds (68.4%) of U.S. condos that sold in February sold for less than their original asking price, up from 63.3% a year earlier and the highest February level in five years, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. 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