Home sellers gave concessions to buyers in 45.5 percent of home sales recorded by Redfin agents during the three months ending February 28, up from 31.1 percent one year earlier. That’s the highest share of any three-month period in Redfin’s records, dating back to June 2020.
For the purposes of this report, Redfin noes that a seller lowering the list price of their home does not count as a concession.
A record 25.2 percent of home sales recorded by Redfin buyers’ agents included both a concession and a final sale price below the list price during the three months ending February 28. A record 20.6 percent included both a concession and a listing-price cut that occurred while the home was on the market.
And a record 13 percent included all three.
Sellers in Seattle reportedly gave the largest concessions during the three-month time period, followed by Las Vegas, Denver, San Diego and Phoenix. There were only two metros in which concessions were less common than they were a year earlier: Austin and Chicago.