In a show of optimism for potential buyers, the typical home in January sold for nearly 2% less than the listing price. According to real estate marketing platform Redfin, this is the biggest discount the housing market has seen in two years. Additionally, homes are taking roughly 56 days to go under contract, which is the longest time frame in nearly five years, and more than half of listings are sitting on the market for at least 60 days without going under contract.
In some markets, homes are selling for even less on average. Homes are selling the 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 the asking price, the largest discount among the 50 most populous U.S. metros.
The 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%). Read more
