The U.S. housing market is in the throes of a nationwide correction, and while some homebuying destinations are seeing house hunters paying well above list price, others offer rare pockets of affordability.
Homes are selling above the list price in midwestern and northeastern metros such as Rochester, N.Y., Kansas City, Mo., and Hartford, Conn., while buyers in Austin, Texas, Boise, Idaho, and Jacksonville, Fla., are snagging the biggest deals as prices in those metros begin to fall from their mid-pandemic peaks, according to Realtor.com.
With the exception of one major outlier, the places where homes are still selling above the listing price are traditionally more affordable, medium-sized markets in the Midwest and the Northeast.
On the other side, homebuyers are snagging the best deals below the listing price in places that got the hottest during the COVID-19-era pump, in the West and the South. Gravity eventually kicked in, and places like Austin, TX, and Boise, ID, which had led the nation in home price appreciation for the past few years, have seen the average home sell for 7%, 9%, and even 12% below the list price over the past few months.
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