5 Places Where Most Home Sellers Are Giving Concessions to Buyers

A large number of home sellers are offering concessions in hopes of successfully wooing homebuyers, according to a new Redfin analysis.

Redfin says 42.9% of home sales in the three months that ended in April involved concessions, meaning the sellers offered the buyers perks like money for repairs, closing costs or mortgage-rate buy-downs.

The percentage of sellers offering such gifts was just shy of the record high of 45.6% in February.

In some metro areas, the concessions rate was especially high. Following are the markets that had an especially high percentage of sales involving concessions in the three months ending in April.

5. Denver

Home sales in this metro area that involved a concession:

• In the three months ending in April 2023: 58.1%
• In the same three months of 2022: 27.1%

Not only are homeowners offering concessions in Denver, but some are simply throwing in the towel altogether. The city is one of the “10 Housing Markets Where Home Sellers Are Giving Up.”

4. Las Vegas

Home sales in this metro area that involved a concession:

• In the three months ending in April 2023: 59.1%
• In the same three months of 2022: 36.7%

In a cooling market, concessions are not always enough. Maybe that is why Las Vegas is among the “10 Places With the Most Home Sellers Slashing Prices.”

3. Raleigh, North Carolina

Home sales in this metro area that involved a concession:

• In the three months ending in April 2023: 64.6%
• In the same three months of 2022: 31.2%

It is tough to attract homebuyers who feel like they’ve been priced out of the market: Raleigh is among the “15 Cities Where Homebuyers Are Most Impacted by Rising Interest Rates.”

2. San Diego

Home sales in this metro area that involved a concession:

• In the three months ending in April 2023: 66.1%
• In the same three months of 2022: 44.1%

San Diego was one of the “The 15 Hottest Real Estate Markets of 2022.” But nothing stays hot forever, and it has gotten more challenging for sellers to attract homebuyers in the city.

1. Phoenix

Home sales in this metro area that involved a concession:

• In the three months ending in April 2023: 68.5%
• In the same three months of 2022: 35.9%

Phoenix is one of the “10 Places Where Home Prices Have Skyrocketed Since the Pandemic.” But after years of torrid activity, things are now cooling in the desert.