West Palm Beach Homebuyers Enjoyed the Biggest Discounts Nationwide at 10.9 Percent
Homebuyers in 2025 secured historically large discounts off asking prices, according to new data from Redfin, reflecting one of the strongest buyer’s markets in recent memory.
The typical buyer who purchased a home below the list price last year received a 7.9% discount–the largest annual reduction since 2012. In dollar terms, that equates to an average savings of $31,592 on a median original list price of $399,900. Across all buyers, including those who paid full price or more, the average discount was $15,196, or 3.8%.
Nearly two-thirds of buyers (62.2%) paid less than the asking price–the highest share since 2019–while only 22.8% paid more than the list price, the lowest proportion in the same period. Just under 16% paid the exact list price, a share that has remained steady over the past several years.
The surge in discounts reflects an imbalance between supply and demand. Redfin reports there were roughly 47% more sellers than buyers in 2025. High mortgage rates and elevated home prices have kept many buyers on the sidelines, while some sellers–particularly those who purchased at pandemic-era highs–have been slow to adjust their expectations.
“Homebuyers in 2026 shouldn’t write off homes that are slightly above their budget,” said Redfin Senior Economist Asad Khan. “There’s a good chance they’ll get concessions from the seller, whether it’s a price reduction, help with closing costs, or funds for repairs. This is a reversal from the pandemic homebuying frenzy, when buyers had to compete for properties well above the asking price.”
Deep Discounts Are Becoming More Common
Roughly one-quarter (26.1%) of buyers who paid below the list price in 2025 secured discounts of 10% or more–the highest share since 2012. Another 27.8% scored discounts of 5% to 10%, the highest since 2013. The majority (46.1%) received smaller discounts of 0% to 5%, the lowest proportion in more than a decade.
“Some sellers are recognizing the market has changed, and others are not,” said Connie Durnal, a Redfin Premier agent in Dallas. She cited examples of overambitious sellers pricing homes well above comps, versus others who priced competitively and sold above asking. Similarly, Ben Ambroch, a Redfin Premier agent in Milwaukee, noted that many sellers aim to recoup low mortgage rates secured during the pandemic before selling.
Condo Buyers Lead in Discounts
Condo buyers fared slightly better than single-family homeowners, with typical discounts of 8.1% for condos, compared with 7.9% for single-family homes and 6.5% for townhouses. Last year marked the first time since 2014 that condos sold at deeper discounts than single-family homes. Soaring HOA fees, higher insurance costs, and special assessments have contributed to weaker condo demand. Overall, 68.1% of condo buyers paid below the list price.
Regional Variations
Discounts varied widely across U.S. metros. West Palm Beach, Florida, led the nation, where the typical buyer who paid below the list price saved 10.9%. Detroit and Fort Lauderdale followed at 10.3%, with Pittsburgh and Miami rounding out the top five. Factors include abundant housing supply in Florida, rising insurance premiums, and higher HOA fees.
At the other end of the spectrum, Seattle saw the smallest typical discount among the top 50 metros at 5.7%, followed closely by Washington, D.C.; Minneapolis; Las Vegas; and Virginia Beach, all near 5.8%-5.9%.
Few Buyers Paying Over Asking
Only four major metros recorded typical sales above asking. San Francisco topped the list, with buyers paying 3.8% above the list price, followed by Newark, New Jersey (3.1%), San Jose (2.3%), and Oakland (1.3%). The Bay Area’s premium reflects a recent resurgence in tech-sector hiring and a return to office, as well as a longstanding practice of underpricing homes to trigger bidding wars, though the premiums have been narrowing.
Shifting Market Dynamics
Khan noted that pricing homes has become increasingly difficult as market conditions fluctuate rapidly and vary widely by region. While some areas maintain strong demand, many markets are softening. The trend toward below-list discounts is likely to continue as sellers adjust to slower demand and buyers regain negotiating leverage.
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