Average US Home Is Selling for Less Than the Asking Price

Despite home prices remaining high, recent research shows homes are beginning to sell for less than their asking price. According to housing market platform Redfin, the typical U.S. home that sold during the four weeks ending June 23 sold for 0.3% less than its asking price. While only a slight decrease in price, this marks the first time the average home has sold under list price during peak homebuying season since 2020. One year ago, the average priced home sold for exactly its list price, and two years ago, it sold for 2% above its list price. During June, only 32.3% of homes in the U.S. sold for more than the asking price, compared with 36% a year prior.

The likelihood of homes selling below asking price is rising because there’s more supply than demand, at least for certain types of homes in certain parts of the country. New listings are up 8.2% year over year nationwide, while pending home sales are down 4.3%, the biggest decline in four months. Most inventory is growing stale; over 60% of homes are listed for at least a month without going under contract.

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