Homes Here Are Selling Well Under Asking, And Not Just at One Price Point

Over the four weeks ending August 30, the median home in this market closed for well below its median asking price, with price cuts running deep and slow markets showing up evenly across the price range.

Something is off between what sellers are asking and what buyers are actually paying in this market right now. It isn't a story confined to the cheap end of the range, and it isn't a luxury problem either. It's showing up the same way up and down the price ladder.

Start with the plain numbers. Over the four weeks ending August 30, the median home in this market closed at $299,900. The median list price across active listings in that same stretch sat at $342,400. That is a wide gap between what a typical seller marked their home at and what a typical buyer actually paid.

The rest of the picture backs that up. Sellers trimmed the price on 47 listings against just 81 closings during this period, while 430 homes remained active, still waiting on a buyer. The typical home on the market took 52 days to sell. Put together, that is a market giving buyers real room to negotiate: cuts running heavy relative to closings, a wide gap between asking and selling, and a typical home sitting on the market for close to two months.

Here is the part worth sitting with. A gap that wide, with that much cut activity, usually has a source. Maybe overpriced starter homes are dragging the median down. Maybe it is the high end sitting unsold while everything under it moves fine. Split this market's active listings at the median asking price of $342,400, and that theory falls apart. Homes asking below that line typically take 53 days to sell. Homes asking at or above it typically take about 50 and a half days. That is not a meaningful difference. It is close enough to call it the same pace.

That evenness is the real finding here. If the softness behind the list-to-sale gap and the heavy cut activity were concentrated in one price tier, cheaper homes overpriced by hopeful sellers, or pricier homes overreaching on ambition, time on market would split along that same line. It doesn't. Whatever is producing this much negotiating room is spread across the whole range, not cornered off at the top or the bottom.

For a buyer, that is useful information. You do not need to hunt for deals in one narrow bracket. The softness is not hiding in the entry-level homes while the expensive ones hold firm, and it is not the reverse either. A buyer working through the middle of this market is looking at roughly the same amount of room to negotiate as a buyer at either edge of it.

For a seller, the read is less comfortable but just as clear. A median gap this size between list and sale price, with cuts already landing against nearly every second closing this period, is not a signal that pricing high and waiting works right now. It is a signal that the market is correcting listings that opened too far from where buyers are actually willing to close. Pricing to where this market is closing, rather than to where a neighbor listed six months ago, is the difference between a fast sale and a sale that only happens after a public price cut.

What is worth watching from here is whether that gap between list and sale price holds, narrows, or keeps producing cuts as more of the 430 homes currently active work their way toward closing. If the evenness across price points continues, that points to a broad, market-wide adjustment rather than a squeeze in any one corner of it. If a gap this size were about to close on its own, the days-on-market split above and below the median would likely start drifting apart first, not staying flat.

This is based on Redfin sold and active listing data for this market.

Pamella