Homebuyers Gain Negotiating Power in September Housing Market

Strategic Insights -

The September housing market saw a decline in the number of homes selling above their final list price, with just 25.3% of homes selling for more than their final list price, down from 28.5% a year earlier. This marks the lowest September level in six years, according to a new report from Redfin. The report also noted that the typical home that sold last month went for 1.4% less than its final list price, the biggest September discount in six years. Additionally, the share of homes selling in two weeks declined to 32.8%, down from 34.9% a year earlier.

Key Takeaways:

  • The typical home that sold last month went for 1.4% less than its final list price, the biggest September discount in six years.
  • Just 25.3% of homes sold in September went for more than their final list price, down from 28.5% a year earlier and the lowest September level in six years.
  • The share of homes selling in two weeks declined to 32.8%, down from 34.9% a year earlier.
  • The time on market for the typical home that went under contract last month increased to 50 days, the slowest September pace since 2016.
  • Inventory levels have ticked up, giving buyers more options and allowing them to be more selective.
  • According to Roze Swartz, a Redfin Premier agent in Houston, "Sellers can't be picky on price--if they don't have the lowest price on the market, they're not even going to get showings."
  • Home prices rose 1.7% year over year to $435,545 in September, the biggest uptick in six months and the highest September level on record.
  • Existing-home sales rose 0.4% month over month and 4.5% year over year to a seasonally adjusted annual rate of 4.25 million in September, the highest level since January.

Statistics:

  • Median sale price: $435,545 (up 1.7% year over year)
  • Existing-home sales: 4,247,767 (up 0.4% month over month and 4.5% year over year)
  • Pending home sales: 480,459 (down 1.0% month over month and 2.4% year over year)
  • Homes sold: 435,635 (up 0.7% month over month and 3.4% year over year)
  • New listings: 539,306 (up 0.7% month over month and down 0.3% year over year)
  • Total homes for sale: 1,958,187 (down 0.6% month over month and up 8.0% year over year)
  • Months of supply: 3.4 (up 0.1 from last month and up 0.3 year over year)
  • Median days on market: 50 (up 4 from last month and up 8 from last year)
  • Share of homes that sold above final list price: 25.3% (down 3.3 points year over year)
  • Average sale-to-final-list-price ratio: 98.6% (down 0.4 points year over year)

Sources:

  • Redfin
  • BusinessWire: "Homebuyer Discounts Hit Record Low as Competition Fades - September 2025 Housing Market Highlight - Redfin" (October 2022)
  • Reuters: "US Existing Home Sales Rise to Highest Level Since January - Redfin Report" (October 2022)
  • National Association of Realtors: "Existing-Home Sales Increase in September, but Inventory Remains Low" (October 2022)