The housing market is shifting in favor of buyers as home prices hit their lowest point in nearly two years, according to Redfin data.
The average home listing sold for 1.8% less than its asking price in January, marking the largest discount in nearly two years. Homes are taking longer to sell, with the average staying on the market for 56 days – the longest in nearly five years.
However, buyers still face significant challenges, including high mortgage rates and rising costs. The average 30-year mortgage rate is nearly 7%, making it difficult for homebuyers to secure affordable loans. Despite these challenges, certain markets are seeing significant discounts on homes.
Redfin reports that Florida is the standout state, with typical homes selling for 5% below asking price in cities like West Palm Beach and Miami. The state’s market has been affected by natural disaster concerns, causing buyers to reconsider purchasing homes.
As the spring selling season begins, it appears the housing market is tilting in favor of buyers. With more time to negotiate on pricing and terms, buyers are gaining an advantage over sellers.
Source: https://fortune.com/2025/02/23/homebuyers-real-estate-listing-discounts-asking-price-miami-dade-redfin-buyers-market