Most Austin homes are selling below asking price
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Four out of five Austin area homes sold below their original listing price in February, according to Redfin data.
The big picture: Nationally, as inventory grows and buyers gain negotiating power, more homes are selling for less than their original listing price than a year ago, Redfin reports.
Zoom in: In Austin, 80.2% of homes sold below their original list price in February — trailing only West Palm Beach, Florida, (88.2%), Fort Lauderdale, Florida, (85.7%), Miami (83.7%) and San Antonio (81.2%).
- 9.8% of Austin homes sold above listing price and 9.9% at listing price in February.
Yes, but: The report doesn't say how much below list price, on average, homes sold for.
State of play: Home sales across greater Austin in the first three months of 2025 declined 9.1% compared to the first quarter of 2024, with 6,698 total sales, per the Austin Board of Realtors and Unlock MLS.
- The median sales price the first quarter of 2025 ($429,869) dipped 2.3% from the same period in 2024.
What they're saying: "Stubbornly high mortgage rates and a weaker local labor market weighed on buyer confidence, while many sellers remained reluctant to adjust pricing expectations," Clare Knapp, housing economist for the Board of Realtors, said in a statement.
- "Many home sellers shoot for the moon when pricing their homes and end up getting less money than they hoped for," Redfin's Lily Katz and Asad Khan write.
- "That's increasingly the case today because 2025 is shaping up to be a buyer's market."
Zoom out: 64.2% of U.S. homes sold below their original list price in February, up from 60.9% a year earlier, per the data.
Flashback: The share of homes selling above list price soared when COVID unleashed a buying frenzy, especially in Austin, which has since abated.
- In the real estate go-go year of 2021, more than 60% of homes in greater Austin sold above their asking price.