Sellers in some markets are offering “discounted” listing prices as a way to attract more attention from buyers. The thinking behind such a strategy goes something like this, “If I price my home below market value, surely I’ll ignite a bidding war among hungry buyers and get more than the listing price and, maybe, even more than market value.”

Are these bargain listings really bargains? Does this strategy of igniting bidding wars in hopes of “getting” higher sale prices still work in the world of disappearing bidding wars? Let’s take a look.

Metro            % Bargains      Discount   % Over Asking Difference

San Jose             86.2%       9.5%                   8.5%

San Francisco      83.2%       10.5%                  11%

Camden             78.8%       21.1%                  -6.9%

Newark              77.7%       11.5%                  -4.1%

Pittsburgh         74%          11.2%                  -7.1%

Allentown          72%          14.1%                  -5%

Portland            71.8%       3.8%                    1.6%

Lake County      71.1%       9.3%                   -6.1%

Seattle              70.1%       3.9%                     2.1%

Dayton               69.5%       9%                      -4.8%

Let’s also take a look at listings actually advertised as bargains. Are they really listings priced lower than market value?

Metro                 # Advertised as Bargains                  % Priced Under Value

Camden                             7.1%                                    78.8%

Bridgeport                          6.7%                                    56.6%

Lake County                        6.1%                                    71.1%

Cape Coral                          5.8%                                    36.5%

Tucson                                5.5%                                    64.6%

North Pt – Sarasota              5%                                      42.2%

Hartford                              4.8%                                    42.4%

Philadelphia                        4.7%                                    58.2%

Newark                                4.6%                                    77.7%

Phoenix                               4.5%                                    53.1%

ˆSource: NerdWallet