62.2% of Homes Sold Below List in 2025, According to Redfin

BAM Key Details: 

• Redfin found the typical 2025 below-list buyer got 7.9% off, or about $31,592 on a $399,900 median original list price, and 62.2% of homes sold below list. 
• Redfin also reported a record 47% more sellers than buyers and a 26.1% share of below-list buyers getting 10%+ off, with condos leading below-list discounts at 8.1%.

In 2025, the typical buyer who paid below the original list price got 7.9% off, the biggest discount since 2012. 

That’s from a new Redfin report, according to which 62.2% homes sold below list price last year. Less than a quarter (22.8%) sold above list, and 15.6% sold at list.

In dollar terms, the typical below-list buyer got about $31,592 off a $399,900 median original list price. Across all sales, the average discount was 3.8%, or $15,196. 

Redfin also found a record 47% more sellers than buyers, which helps explain why price cuts and concessions are showing up more often again.

The discount numbers are getting bigger

Redfin’s analysis compares original list prices with final sale prices using annual MLS data, measuring the gap between what sellers asked for and what buyers actually paid.

Two trends jump out:

#1: The typical discount on below-list sales grew

• In 2024, the average discount for homes that sold below the original list price was 7.5%. 
• In 2025, it rose to 7.9%. 

That 0.4-point move sounds small until you translate it into dollars, which is how most people experience the market. 

On a $399,900 median original list price, 7.9% comes out to roughly $31,592.

#2: Discounts weren’t limited to a small slice of the market.

In 2025, the majority outcome of homes sold below the list price (62.2%). Meanwhile, above-list deals fell to 22.8%, and 15.6% sold at list. 

That mix changes how you talk about pricing and how you prepare people for what a “strong offer” looks like in the current environment.

Why buyer leverage is showing up now

Redfin points to a supply-demand imbalance that shows up in the numbers. There were a record 47% more sellers than buyers last year. When buyers have options, negotiations change. Sellers have to compete, and they compete with terms.

A lot of the friction right now comes from sellers who are still anchored to the pandemic run-up. They watched homes sell for tens of thousands over ask, then they priced as if the market still works like that. 

Some of them also bought at the top and don’t have much room to sell for less without feeling like they’re taking a loss. That shows up as optimistic pricing, longer time on market, price cuts, and concessions.

When Redfin senior economist Asad Khan addressed what this means for 2026 buyers, he framed it in practical terms, focused on concessions instead of just list price.

“Homebuyers in 2026 shouldn’t write off homes that are slightly above their budget because there’s a good chance they’ll get some sort of concession from the seller, be it a price cut, money toward closing costs or funds for repairs.

“This marks a reversal from the pandemic homebuying frenzy, when house hunters were advised to search for homes below their budget because fierce bidding wars were causing properties to sell far above the asking price.”

That’s a clean way to explain what’s happening without overpromising. Discounts exist. Concessions exist. Above-ask outcomes still exist. The job is to translate the local version of that mix into realistic expectations.

The 10%+ discount slice is the part to watch

A 7.9% typical discount is the headline, but the distribution tells you how wide the negotiating window can be when pricing gets ahead of demand.

Among buyers who paid below list in 2025:

• 26.1% got 10% or more off the list price, the highest share since 2012.
• 27.8% got a 5% to 10% discount, the highest share since 2013.
• 46.1% got 0% to 5% off, the lowest share since 2012.

The point here isn’t that every buyer should expect 10% off. But a meaningful chunk of below-list deals are landing in that range, which usually signals one of two things: 

• The home was overpriced for the current demand, or 
• The local market shifted faster than pricing did. 

Either way, it’s a reminder that list price isn’t always the market’s verdict. Sometimes it’s an opening position.

Condos are leading the discount trend

Redfin’s property-type breakdown adds another layer, and it’s one worth paying attention to if you’re working with condos or condo-adjacent buyers.

For buyers who paid below list in 2025, the typical discounts were:

• Condos: 8.1%
• Single-family homes: 7.9%
• Townhouses: 6.5%

Across all sales, the average discounts were:

• Condos: 4.8%
• Single-family homes: 3.7%
• Townhouses: 3%

And condos had the highest share of buyers paying below list:

• 68.1% of condo buyers paid less than list
• 61.7% of single-family-home buyers paid less than list
• 60.4% of townhouse buyers paid less than list

Redfin notes that 2025 was the first year since 2014 when condos sold at a bigger discount than single-family homes. The report ties that to rising HOA fees, insurance costs, and special assessments, which can quickly change what buyers are willing to pay.

This is a national story, but it still plays out locally

Redfin’s metro data shows how uneven discounts are, even within a year when below-list sales dominated nationally.

Among the 50 most populous metros, the biggest typical discounts on below-list sales were:

• West Palm Beach, FL: 10.9%
• Detroit: 10.3%
• Fort Lauderdale, FL: 10.3%
• Pittsburgh: 9.9%
• Miami: 9.8%

On the other end, the smallest were:

• Seattle: 5.7%
• Washington, D.C.: 5.8%
• Minneapolis: 5.8%
• Las Vegas: 5.8%
• Virginia Beach, VA: 5.9%

There were also only four metros where the typical buyer paid over asking in 2025:

• San Francisco: 3.8% above ask
• Newark, NJ: 3.1% above ask
• San Jose, CA: 2.3% above ask
• Oakland, CA: 1.3% above ask

The simple truth is that negotiation is a bigger part of the market again. Redfin’s numbers give you a clean way to talk about it and keep conversations grounded.