Record Share of Homes Sold Below Their List Price in September
As buyers pull back and price reductions become more common, homes are increasingly selling for below their asking price. According to recent data from real estate marketing platform Redfin, the typical home that sold in September 2025 went for 1.4% less than its actual list price, which is the biggest September discount recorded in the past six years. Additionally, the share of homes selling at above their list price declined year-over-year. In September 2024, 28.5% of homes in the U.S. sold above the list price, compared with 25.3% in September 2025.
This data comes as homes are taking longer to sell. The typical home that went under contract in September sat on the market for 50 days, which is the slowest September pace since 2016. Additionally, the share of homes that sell in just two weeks has declined. In September 2025, 32.8% of homes that went under contract did so within two weeks of being listed, down from 34.9% the same time last year.
The housing market is sluggish because high costs and economic uncertainty are limiting the number of people buying homes. Inventory has also ticked up, meaning the buyers who are in the market have more options and many of them can afford to take their time. There are 36.7% more home sellers in the market than buyers—a near-record gap. The good news for buyers is this means they often have an opportunity to negotiate and ask for concessions.
“Homebuyers have extremely high expectations. Some of them remember being preapproved for a 3% mortgage rate during the pandemic, which meant they could afford a $450,000 house. Now that rates, insurance costs and property taxes have gone up, they can only afford a $325,000 house, but still have $450,000 expectations,” said Roze Swartz, a Redfin real estate agent in Houston. “Sellers can’t be picky on price—if they don’t have the lowest price on the market, they’re not even going to get showings. That’s a tough pill to swallow, but it’s better to price low from the start than price high and make a drastic cut after your home has been sitting on the market for months without any offers.”