It’s not secret that in Southwest Florida, and all of Florida, home prices have skyrocketed. But one metric shows that the trend may be slowing down. This recent study that shows metros where homes are selling for the most under the asking price. 21 of the 50 metros on the list were in Florida. Southwest Florida was well represented with North Port, Punt Gorda, Cape Coral, and Naples all making the list. But one Florida city topped them all.
A study by Stacker analyzed data from Redfin to see which metros had the most homes sold under the asking price. Data shows sales for May 2023. Metros with fewer than 300 home sales are excluded from this list. Metro areas are ranked on the average sale-to-list ratio, which is a ratio of sale price divided by list price, for homes that sold in May. Values are rounded to the nearest hundredth. Also listed are the metro area’s median listing prices for homes on the market in May and median sale prices for those homes that sold during that month.
Home prices are still going up, but negotiation to get it under the asking price is possible.
One thing I know that’s happening in Southwest Florida is that realtors and their clients are listing a “wish price” well above what they think it may sell for. This list will get you a better idea on what you may be able to bid, but also add the percentage of homes that sold over the ask. As expensive as it’s been, nearly 12% in homes are selling above the asking price. Crazy.
If you’re looking to move out of state and want to see the full study, that’s here. Data posted via a creative commons license. Finally, the original list is 50, this list is only showing the Florida metros.