7 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 35% of home sales in the three months that ended on Oct. 31 involved concessions, meaning the sellers offered the buyers perks like money for repairs, closing costs or mortgage-rate buy-downs.

That is down from earlier in the year and essentially the same as a year ago, when 35.9% of buyers offered concessions.

However, in some metro areas, the concessions rate remains high. Following are the markets that had an especially high percentage of sales involving concessions in the three months ending on Oct. 31.

3. Denver

Home sales in this metro area that involved a concession:

• In the three months ending in October 2023: 56.6%
• In the same three months of 2022: 46.1%

As we reported in September, Denver is one of 10 cities residents are fleeing. Perhaps that loss of citizens is helping to keep homes on the market longer.

2. San Diego

Home sales in this metro area that involved a concession:

• In the three months ending in October 2023: 60.9%
• In the same three months of 2022: 67%

Sellers who are becoming frustrated in San Diego shouldn’t worry too much about someone buying the home eventually. San Diego remains one of “The 10 Most Valuable Housing Markets in America.”

1. Salt Lake City

Home sales in this metro area that involved a concession:

• In the three months ending in October 2023: 63.3%
• In the same three months of 2022: 38.2%

Things might have cooled a bit in Salt Lake City, but the city has a very bright future. In fact, it is one of the “15 Places With the Most Gen Z Homebuyers.”

Other metros where most sellers give concessions

Here are some more markets where large numbers of sellers are making compromises to get their home sold.

• Las Vegas: 54.3% in the three months ending in October 2023
• Raleigh, North Carolina: 51.4%
• Phoenix: 51%
• Charlotte, North Carolina: 50.8%