Biggest Discounts February Update

Let’s have an update on where buyers are currently getting the biggest discount off the asking price. Our goal in sharing this data is to help potential buyers to know which neighborhoods are softer in terms of sale price discounts off list price, to better equip you when making an offer, and help you know where to look for potential bargains.

In the charts below, we have taken all sales data from the last two months in Redfin’s Seattle service area and sorted it by zip code. We calculated the overall difference between the sale price and the list price. Note that this reflects the final list price, after all price drops in the listing. Any zips with fewer than ten sales are excluded from the top and bottom ten rankings, but interested readers may download the full data summary in Excel format (xls).

Here are the top ten zip codes with the largest overall discount:

There continues to be a general trend of more expensive zip codes showing the largest discounts in Seattle. Of course, every trend has exceptions, and the #1 zip code 98424 in Tacoma is definitely a good example, with an average selling price of just $269,116.

Here are the ten zip codes with the smallest discounts:

15 of the 120 zip codes we ranked came in with discounts under 2%, indicating that either buyers are more willing to pay asking price or sellers in those regions are better at pricing their homes appropriately to the market in the first place. Only 98002 (Auburn) and 98387 (Spanaway) had homes that sold on average for more than asking.

Only one of the top 10 zip codes that are selling for low discounts or over asking had an average list price above $400k (98056—Kennydale).

Of the 3,370 sales we tracked in the 2-month period, 50 homes sold for 20% or more off the asking price, while 426 homes sold for more than asking.