Nearly Half of Home Sellers Gave Concessions to Buyers in May, Report Says

(6/26/26)  In yet another example of how the housing market in many metros has flipped to a buyer’s market, Redfin recently reported that nearly half (46%) of U.S. home sellers gave concessions to buyers in May – the highest May share in Redfin’s records.

Seller concessions are at a record high due to mortgage rates and home prices remaining historically high and buyer concerns about the economy, inflation and job security. And, since demand has been lackluster, listings have piled up, causing sellers to turn to concessions as they compete for buyers.

“There are two main reasons concessions are so prevalent -- buyers have leverage, and some sellers are pricing too high,” said Amanda Peterson, a Redfin agent in Dallas, in a written statement. “With more inventory and less competition, buyers can be selective and negotiate for everything from repairs to closing costs.”

Peterson said that sellers – especially those with dated homes that haven’t been renovated – are increasingly willing to make concessions because they can mean the difference between securing a buyer and watching their home languish on the market.

Redfin found that concessions were most common in Nashville, the nation’s strongest buyer’s market, where three-quarters (75.5%) of sellers offered concessions to attract buyers in May. Other markets where buyer concessions are common include Charlotte, N.C. (71.4%), Atlanta (68.7%), Phoenix (65.6%) and Raleigh, N.C. (64.1%).

Concessions were least common in New York, where just 2.9% of home sellers gave concessions to buyers in May. Other cities with a low share of concessions include San Jose (5.9%), San Francisco (14.9%), Boston (26.7%) and Chicago (27.5).

Nashville is the nation's strongest home buyer market, according to Redfin.