Texas homes sell under list price in these counties, according to Stacker
Texas - It's a tough time to be in the market for a new house. But as peak homebuying season begins, home buyers are starting to have at least some negotiating power - especially in markets that recorded large price growth over the last few years.
The average 30-year, fixed-rate mortgage rose above 7% at the start of November 2022, the highest level in more than a decade, as the Federal Reserve raised its benchmark rates to combat inflation. Today, rates remain at historic highs; even half of a percentage point change can significantly affect the monthly payments required for a mortgage.
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Since mortgage rates were under 4% for the better part of the past decade, many homebuyers locked in far more affordable rates than what's available in today's environment. And sellers aren't exactly coming down on price: Nationally, home prices are still increasing - just more slowly than they did during the height of the COVID-19 pandemic.
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Nationally, the median home sale price in March was $420,321, 4.8% higher than the year before. In Texas, the median sale price was $344,500, while the average price difference was 2.58% below asking.
Stacker compiled a list of counties in Texas where homes typically sell below list price using data from Redfin.
#1. Potter County
- Average price difference: 8.31% below list
-- Median list price: $175,000
-- Median sale price: $196,000
- Total homes sold: 115
-- Share that sold above list: 0.0%
#2. Ector County
- Average price difference: 6.19% below list
-- Median list price: $289,945
-- Median sale price: $279,000
- Total homes sold: 170
-- Share that sold above list: 0.0%
#3. Smith County
- Average price difference: 4.61% below list
-- Median list price: $359,900
-- Median sale price: $320,000
- Total homes sold: 230
-- Share that sold above list: 1.3%
#4. Jefferson County
- Average price difference: 4.45% below list
-- Median list price: $199,900
-- Median sale price: $196,500
- Total homes sold: 150
-- Share that sold above list: 2.7%
#5. Henderson County
- Average price difference: 4.27% below list
-- Median list price: $339,997
-- Median sale price: $299,900
- Total homes sold: 108
-- Share that sold above list: 8.3%
#6. Hunt County
- Average price difference: 4.05% below list
-- Median list price: $305,232
-- Median sale price: $301,740
- Total homes sold: 168
-- Share that sold above list: 8.9%
#7. Waller County
- Average price difference: 3.72% below list
-- Median list price: $393,900
-- Median sale price: $382,930
- Total homes sold: 144
-- Share that sold above list: 9.0%
#8. Cameron County
- Average price difference: 3.59% below list
-- Median list price: $309,499
-- Median sale price: $275,000
- Total homes sold: 226
-- Share that sold above list: 2.2%
#9. Gregg County
- Average price difference: 3.46% below list
-- Median list price: $299,900
-- Median sale price: $261,990
- Total homes sold: 100
-- Share that sold above list: 0.0%
#10. McLennan County
- Average price difference: 3.44% below list
-- Median list price: $319,950
-- Median sale price: $303,880
- Total homes sold: 231
-- Share that sold above list: 0.9%
#11. Hidalgo County
- Average price difference: 3.15% below list
-- Median list price: $275,000
-- Median sale price: $240,000
- Total homes sold: 365
-- Share that sold above list: 18.1%
#12. Fort Bend County
- Average price difference: 2.96% below list
-- Median list price: $410,000
-- Median sale price: $369,000
- Total homes sold: 957
-- Share that sold above list: 12.4%
#13. Montgomery County
- Average price difference: 2.95% below list
-- Median list price: $353,690
-- Median sale price: $320,240
- Total homes sold: 1,252
-- Share that sold above list: 10.9%
#14. Rockwall County
- Average price difference: 2.90% below list
-- Median list price: $482,486
-- Median sale price: $435,000
- Total homes sold: 178
-- Share that sold above list: 14.0%
#15. Galveston County
- Average price difference: 2.89% below list
-- Median list price: $399,000
-- Median sale price: $349,600
- Total homes sold: 493
-- Share that sold above list: 13.6%