Just 28% of Homes Are Selling Above Asking Price, The Lowest Springtime Level Since 2020

by Jim Marks

Pending home sales are down 1% year over year while new listings are still rising, giving buyers negotiating power.

Just over 28% of U.S. homes are selling above the asking price, down from 32% a year earlier. That’s the lowest level for this time of year since 2020, when the start of the pandemic ground the housing market to a halt.

That’s one signal of the shift toward a buyer’s market in much of the country. For the sake of comparison, more than half (53%) of homes sold above list price during this period in 2022, when the housing market was heavily favoring sellers. The share of homes selling above asking price has fallen year over year in all but five of the most populous U.S. metro areas; San Jose, CA, Anaheim, CA, and Oakland CA saw the biggest declines, though more than half of homes are still selling above asking price in San Jose and Oakland.

Here are some other data points illustrating the tilt in buyers’ favor, and the slower-than-usual spring market (data is from the 4 weeks ending June 8):

Pending U.S. home sales fell 1.1% year over year to their lowest level for this time of year in our records.
Just over one-third (37.6%) of homes went under contract within two weeks, also the lowest level for this time of year since 2020.
There has been a big gap between the median list price and the median sale price for the last several weeks. The median sale price was $397,000, a $28,950 discount (-7%) from the median list price of roughly $425,950. For comparison, the median sale price was typically much higher than the median list price when the market was favoring sellers in 2021 and 2022.

Prospective homebuyers are sidelined by widespread economic uncertainty and high housing costs. The median monthly housing payment is just $29 shy of its record high, with mortgage rates near 7% and sale prices up 1.6% year over year (though sale prices are lower than list prices).

“It’s still tough for many Americans to buy a home, as affordability remains a real challenge, but house hunters should know that sellers are accepting offers below asking price and giving concessions to get deals done,” said Chen Zhao, Redfin’s head of economics research. “Buyers have negotiating power, especially if they’re flexible on timing or location, or if they’re willing to take on a fixer upper. Buyers should negotiate, and be prepared to move on to other homes if a seller is unwilling to meet them halfway; they may be able to get a better deal elsewhere.”

On the selling side, new listings are up 5.2% year over year. There are many more home sellers than buyers in the market. But it’s worth noting that mortgage-purchase applications are up 10% week over week, signaling that pending home sales could improve soon.

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

Leading indicators

Indicators of homebuying demand and activity
	Value (if applicable)	Recent change	Year-over-year change	Source
Daily average 30-year fixed mortgage rate	6.89% (June 11)	Down from 6.97% one week earlier	Down from 7.17%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.85% (week ending June 5)	Down slightly from a week earlier, but near the highest level since Feb.	Down from 6.99%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Up 10% from a week earlier (as of week ending June 6)	Up 20%	Mortgage Bankers Association
Redfin Homebuyer Demand Index		Down 6% from a month earlier (as of week ending June 8)	Down 3%	A measure of tours and other homebuying services from Redfin agents
Touring activity		Up 23% from the start of the year (as of June 9)	At this time last year, it was up 23% from the start of 2024	ShowingTime, a home touring technology company
Google searches for “home for sale”		Up 16% from a month earlier (as of June 9)	Up 10%	Google Trends

Key housing-market data

U.S. highlights: Four weeks ending June 8, 2025 Redfin’s national metrics include data from 400+ U.S. metro areas, and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.
	Four weeks ending June 8, 2025	Year-over-year change	Notes
Median sale price	$397,000	1.6%
Median asking price	$425,950	4.9%
Median monthly mortgage payment	$2,854 at a 6.85% mortgage rate	4.1%	$29 shy of record high
Pending sales	87,720	-1.1%
New listings	104,594	5.2%
Active listings	1,141,367	13.9%	Smallest increase in over a year
Months of supply	3.9	+0.7 pts.	4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions
Share of homes off market in two weeks	37.6%	Down from 41%
Median days on market	36	+5 days
Share of homes sold above list price	28.5%	Down from 32%
Average sale-to-list price ratio	99.1%	Down from 99.6%

Metro-level highlights: Four weeks ending June 8, 2025 Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
	Metros with biggest year-over-year increases	Metros with biggest year-over-year decreases	Notes
Median sale price	Detroit (8.7%) New York (5.7%) Pittsburgh (5.6%) Virginia Beach, VA (5.3%) Chicago (5.2%)	Oakland, CA (-7.6%) Dallas (-4.9%) Jacksonville, FL (-3.9%) Tampa, FL (-2.4%) San Diego (-2.1%)	Declined in 10 metros
Pending sales	Cincinnati (10%) Chicago (6.6%) Indianapolis (6.3%) Montgomery County, PA (4.1%) Cleveland (3.5%)	Miami (-21.7%) San Jose, CA (-18.8%) Las Vegas (-15.3%) Fort Lauderdale, FL (-14.4%) Fort Worth, TX (-14%)
New listings	Houston (15.3%) Columbus, OH (12.4%) Boston (11.5%) Indianapolis (11.4%) Cincinnati (10.6%)	Fort Worth, TX (-11.8%) Tampa, FL (-9.7%) Orlando, FL (-9.2%) Fort Lauderdale, FL (-9%) Dallas (-8.2%)