10 Cities Where Homes Sell For the Most Below Asking Price — 6 Are in Florida

Vance Cariaga

Sun, 6 Oct 2024, 0:01 pm4-min read

Anyone hoping for U.S. home prices to finally level off need to put those hopes on hold — again. Nearly 90% of metro markets (199 out of 223) recorded home price gains during the second quarter of 2024, according to the National Association of Realtors. More than 1 in 10 (13%) saw double-digit increases.

On the bright side, the percentage of markets recording double-digit gains was down from 30% during the first quarter. That’s a sign that price increases are at least slowing in more metro areas, which qualifies as good news for Americans aiming to buy a home.

A recent analysis from Realtor.com looked at the sale-to-listing price ratio for the 75 largest U.S. metros to determine where homes sell for the most below asking price. Of the top 10 metros where homes are selling for the most under asking price, all 10 are in the South and six are in Florida.

Try This: How To Get Rich in Real Estate Starting With Just $1,000

Read on for more information on this housing market and 10 cities where homes currently sell for the most below asking price.

Also see 10 cities where homes are selling for the most over asking price.

What Can Homebuyers Do in This Market?

There’s not a whole lot that house hunters can do about home prices that have skyrocketed to record highs in recent years. The market has shown amazing resiliency, mainly due to a shortage of available homes that dates back to the COVID-19 pandemic.

However, you can narrow your search to metro areas where homes are selling for well below the asking price — and according to the study, that search should begin in the South, with a particular focus on Florida.

In addition to an increase in the number of existing homes for sale, Florida has also seen an uptick in new homes.

“We continue to see an influx of new-construction projects further increasing housing supply levels,” Matthew Consolo, owner of Florida-based Premier Point Vacations, told Realtor.com. “It’s all about supply and demand. When supply far overshadows demand, buyers hold most of the bargaining chips.”

For those of you in the market for a new home, these are the 10 cities where homes currently sell for the most below asking price.

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