West Virginia boasts the largest number of homes currently selling below list price, according to an analysis of Zillow data from the past 12 months from luxury real estate brokerage RubyHome.
Homes in West Virginia were selling on average for 97.28 percent of their original list price, the lowest sales-to-list price ratio in the nation, according to the report, released Aug. 10, that crunched the data on where sales prices were falling most dramatically across the United States. Parkersburg, West Virginia, clocked in as the city with the lowest ratio, at just 96.22.
West Virginia was followed by Illinois, where the list-to-sale ratio hovered at 97.57 percent, with the city of Danville clocking in at the lowest ratio of 95.07 percent, according to RubyHome.
The report crunched 12 months’ worth of Zillow data to determine where homes were selling for less than their list price and how much less they were selling for. It provides a glimpse into a market that has at times been marked by sharp price increases and intense competition, and high inventory and decreasing buyer interest once a high-rate environment set in.
“In June of 2021, a record high share of homes sold for more than their asking price, with 56 percent of homes doing so across a 90-day period,” RubyHome Chief Executive Tony Mariotti said in a statement. “However, it’s fascinating to see where this isn’t the case, and that homes selling for more than list price may not be a nationwide thing just yet.”
The top 10 states with the lowest list-to-sale ratios are as follows.
1. West Virginia
Ratio: 97.28 percent
Ratio: 97.57 percent
Email Ben Verde