--- title: For the First Time Since Summer 2020, a Majority of Homes Are Selling Below List Price description: Buyers look to have the upper hand as a slowdown in home sales forces sellers to accept lower offers, according to recent data. authors: - name: Mary Ellen Cagnassola role: Reporter url: https://money.com/author/mary-ellen-cagnassola/ bio: Mary Ellen (M.E.) Cagnassola is a former Money reporter who specialized in U.S. rent and real estate, with a focus on market trends and affordability. education: Rutgers University, BA Journalism at_money_since: 2021 articles: 205 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes former_staff: true published: '2023-01-20T14:41:27.000Z' modified: '2024-01-10T14:32:20.000Z' section: Housing tags: - News word_count: 312 canonical: https://money.com/homes-selling-below-list-price/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo Collage of a suburban house with a Sold sign in-front](https://img.money.com/2023/01/News-Homebuyers-Paying-Under-Listing-Price.jpg) More home sellers began accepting lower offers toward the end of 2022 as record-high prices and soaring borrowing rates collided, creating a [standoff](https://money.com/home-sale-concessions-buyers-market/) with buyers that left many listings lingering on the market. A new [report](https://www.zillow.com/research/december-2022-market-report-32009/) from real estate marketplace Zillow found that, for the first time since July 2020’s pandemic home-buying mania first started, market conditions led to more than half of homes being sold below their list price in November. ## What the research says - Only 28% of homes were sold above [listing](https://money.com/sellers-taking-home-listings-off-market/) price in November, whereas a year prior, about 45% of homes sold above asking price. - Home values dropped slightly again in December, putting the average home value at $356,819, according to Zillow’s Home Value Index. - The drop in sale prices kicked off a power shift [favoring buyers](https://money.com/housing-market-2023-expert-predictions/) in the new year, according to Zillow’s report. Inventory has continued to rise above what’s typical for the winter, seeing a 15.9% year-over-year gain in active listings for December. ## What it means for home buyers - Homebuyers shouldn’t expect pre-pandemic prices anytime soon. [An analysis](https://money.com/renting-cheaper-than-buying-home-now/?xid=moneyrss) from real estate firm ATTOM found that the average rent for a three-bedroom home is now cheaper than the cost of buying a house in most of the United States, even though rent prices grew at a faster clip in 2022 than home prices did. - However, [mortgage rates](https://money.com/current-mortgage-rates/) are on a downswing, dropping 93 points on the average 30-year mortgage from a high of 7.08% on Nov. 10 to 6.15% as of Jan. 19. - Buyers are already responding to those decreased rates: Newly pending home sales, a statistic Zillow uses to measure sales volume, were down only 32.5% year-over-year in December, an improvement from November’s 38% decline. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/homes-selling-below-list-price/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Home Prices", "item": "https://money.com/home-prices/" }, { "@type": "ListItem", "position": 4, "name": "For the First Time Since Summer 2020, a Majority of Homes Are Selling Below List Price" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/homes-selling-below-list-price/#webpage", "url": "https://money.com/homes-selling-below-list-price/", "name": "For the First Time Since Summer 2020, a Majority of Homes Are Selling Below List Price", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-01-20T14:41:27.000Z", "mainEntity": { "@id": "https://money.com/homes-selling-below-list-price/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/homes-selling-below-list-price/#breadcrumb" }, "dateModified": "2024-01-10T14:32:20.000Z" }, { "@type": "NewsArticle", "headline": "For the First Time Since Summer 2020, a Majority of Homes Are Selling Below List Price", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/01/News-Homebuyers-Paying-Under-Listing-Price.jpg", "width": 3949, "height": 2632, "caption": "News-Homebuyers-Paying-Under-Listing-Price" } ], "author": [ { "@type": "Person", "name": "Mary Ellen Cagnassola", "url": "https://money.com/author/mary-ellen-cagnassola/", "@id": "https://money.com/author/mary-ellen-cagnassola/#author", "description": "Mary Ellen (M.E.) 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