Most San Antonio homes are selling below asking price
Add Axios as your preferred source to
see more of our stories on Google.
More than 80% of San Antonio-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 below their original listing price compared to a year ago, Redfin reports.
Zoom in: In the San Antonio metro, 81.2% of homes sold below their original asking price in February — trailing only the Florida cities of West Palm Beach (88.2%), Cape Coral (87.7%), Fort Lauderdale (85.7%), and Miami (83.7%).
- 9.3% of area homes sold above listing price and 9.5% at listing price in February.
- The median original list price in San Antonio in February was $305,000.
Yes, but: The report doesn't say how much below list price, on average, homes sold for.
What they're saying: "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 wrote.
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.
Between the lines: The share of homes selling above list price soared when COVID unleashed a buying frenzy, which has since abated.
Flashback: In February 2021, more than 50% of homes in greater San Antonio sold below their asking price, and more than 34% sold above.
The bottom line: Timing matters.
- Homes are most likely to sell above their asking price in late spring and early summer and least likely to in winter, the Redfin report noted.