Metros where homes are selling for the most over asking price
Metros where homes are selling for the most over asking price
It's a tough time to be in the market for a new house.
The average 30-year fixed rate mortgage rose above 7% at the start of November 2022, the highest level in more than a decade, as the Federal Reserve raised its benchmark rates to combat inflation. After dipping slightly since then, rates have surpassed 7% once again. Even a half of a percentage point change can significantly affect the monthly payments required for a mortgage.
Since mortgage rates were under 4% for the better part of the past decade, many homebuyers locked in far more affordable rates than what's on offer in today's environment. And sellers aren't exactly coming down on price—home prices are still increasing, just more slowly than they did during the height of the pandemic. The median sale price in September was $412,081, according to Redfin, 1.9% higher than the year before.
Despite these high prices, homes are still selling, even if slowly. Some are even selling for more than the list price as sellers continue to have the upper hand in these markets.
Stacker analyzed Redfin data to see which metros had the most homes sold over the asking price. Data shows sales for September 2023. Metros with fewer than 300 home sales are excluded from this list. Metro areas are ranked on the average sale-to-list ratio, which is the difference between what a home listed for and how much a buyer paid. Also listed are the metro area's median listing prices for homes on the market in September and median sale prices for homes that sold during that month.
#49. Canton, Ohio
- Average price difference: 0.03% over asking
-- Median list price: $209,900
-- Median sale price: $190,000
- Total homes sold: 351
-- Share that sold above list: 47.3%
#48. Virginia Beach, Virginia
- Average price difference: 0.11% over asking
-- Median list price: $331,250
-- Median sale price: $334,900
- Total homes sold: 2,119
-- Share that sold above list: 43.1%
#47. Rockford, Illinois
- Average price difference: 0.12% over asking
-- Median list price: $170,000
-- Median sale price: $183,500
- Total homes sold: 415
-- Share that sold above list: 46.3%
#46. Springfield, Missouri
- Average price difference: 0.15% over asking
-- Median list price: $265,000
-- Median sale price: $257,500
- Total homes sold: 544
-- Share that sold above list: 0.2%
#45. Bremerton, Washington
- Average price difference: 0.20% over asking
-- Median list price: $559,900
-- Median sale price: $567,500
- Total homes sold: 328
-- Share that sold above list: 34.5%
#44. Olympia, Washington
- Average price difference: 0.22% over asking
-- Median list price: $515,000
-- Median sale price: $507,000
- Total homes sold: 323
-- Share that sold above list: 39.0%
#43. Ann Arbor, Michigan
- Average price difference: 0.23% over asking
-- Median list price: $379,900
-- Median sale price: $360,000
- Total homes sold: 311
-- Share that sold above list: 41.5%
#42. Oxnard, California
- Average price difference: 0.29% over asking
-- Median list price: $874,975
-- Median sale price: $840,000
- Total homes sold: 443
-- Share that sold above list: 47.9%
#41. San Diego, California
- Average price difference: 0.39% over asking
-- Median list price: $885,000
-- Median sale price: $865,000
- Total homes sold: 1,771
-- Share that sold above list: 47.0%
#40. Minneapolis, Minnesota
- Average price difference: 0.43% over asking
-- Median list price: $374,900
-- Median sale price: $372,562
- Total homes sold: 4,276
-- Share that sold above list: 42.5%
#39. Poughkeepsie, New York
- Average price difference: 0.45% over asking
-- Median list price: $429,000
-- Median sale price: $425,000
- Total homes sold: 519
-- Share that sold above list: 46.1%
#38. Harrisburg, Pennsylvania
- Average price difference: 0.51% over asking
-- Median list price: $284,900
-- Median sale price: $260,000
- Total homes sold: 571
-- Share that sold above list: 46.2%
#37. Baltimore, Maryland
- Average price difference: 0.51% over asking
-- Median list price: $359,000
-- Median sale price: $375,000
- Total homes sold: 2,707
-- Share that sold above list: 44.2%
#36. Anaheim, California
- Average price difference: 0.51% over asking
-- Median list price: $1,150,000
-- Median sale price: $1,100,000
- Total homes sold: 1,677
-- Share that sold above list: 45.8%
#35. St. Louis, Missouri
- Average price difference: 0.74% over asking
-- Median list price: $239,900
-- Median sale price: $255,000
- Total homes sold: 3,158
-- Share that sold above list: 46.5%
#34. Allentown, Pennsylvania
- Average price difference: 0.83% over asking
-- Median list price: $309,900
-- Median sale price: $320,000
- Total homes sold: 752
-- Share that sold above list: 49.7%
#33. Madison, Wisconsin
- Average price difference: 0.90% over asking
-- Median list price: $397,500
-- Median sale price: $398,850
- Total homes sold: 619
-- Share that sold above list: 46.7%
#32. Grand Rapids, Michigan
- Average price difference: 0.96% over asking
-- Median list price: $319,900
-- Median sale price: $320,000
- Total homes sold: 1,083
-- Share that sold above list: 43.4%
#31. Elgin, Illinois
- Average price difference: 0.99% over asking
-- Median list price: $319,900
-- Median sale price: $329,789
- Total homes sold: 779
-- Share that sold above list: 50.3%
#30. Reading, Pennsylvania
- Average price difference: 1.00% over asking
-- Median list price: $270,000
-- Median sale price: $263,000
- Total homes sold: 375
-- Share that sold above list: 49.3%
#29. Los Angeles, California
- Average price difference: 1.03% over asking
-- Median list price: $919,000
-- Median sale price: $870,000
- Total homes sold: 3,896
-- Share that sold above list: 50.8%
#28. Lansing, Michigan
- Average price difference: 1.24% over asking
-- Median list price: $204,000
-- Median sale price: $195,500
- Total homes sold: 510
-- Share that sold above list: 49.8%
#27. Richmond, Virginia
- Average price difference: 1.25% over asking
-- Median list price: $376,730
-- Median sale price: $370,000
- Total homes sold: 1,374
-- Share that sold above list: 45.3%
#26. Frederick, Maryland
- Average price difference: 1.25% over asking
-- Median list price: $559,900
-- Median sale price: $517,495
- Total homes sold: 1,086
-- Share that sold above list: 47.7%
#25. Nassau County, New York
- Average price difference: 1.27% over asking
-- Median list price: $669,000
-- Median sale price: $654,000
- Total homes sold: 2,057
-- Share that sold above list: 54.9%
#24. Milwaukee, Wisconsin
- Average price difference: 1.66% over asking
-- Median list price: $292,500
-- Median sale price: $305,000
- Total homes sold: 1,500
-- Share that sold above list: 54.6%
#23. Montgomery County, Pennsylvania
- Average price difference: 1.72% over asking
-- Median list price: $449,900
-- Median sale price: $440,000
- Total homes sold: 1,648
-- Share that sold above list: 50.0%
#22. Rockingham County, New Hampshire
- Average price difference: 1.82% over asking
-- Median list price: $519,950
-- Median sale price: $551,850
- Total homes sold: 461
-- Share that sold above list: 56.0%
#21. Providence, Rhode Island
- Average price difference: 1.88% over asking
-- Median list price: $450,000
-- Median sale price: $450,000
- Total homes sold: 1,413
-- Share that sold above list: 56.3%
#20. New Brunswick, New Jersey
- Average price difference: 2.06% over asking
-- Median list price: $505,000
-- Median sale price: $510,000
- Total homes sold: 2,464
-- Share that sold above list: 55.7%
#19. Green Bay, Wisconsin
- Average price difference: 2.10% over asking
-- Median list price: $294,900
-- Median sale price: $300,000
- Total homes sold: 340
-- Share that sold above list: 56.8%
#18. Boston, Massachusetts
- Average price difference: 2.11% over asking
-- Median list price: $729,000
-- Median sale price: $685,000
- Total homes sold: 3,044
-- Share that sold above list: 55.7%
#17. Portland, Maine
- Average price difference: 2.14% over asking
-- Median list price: $525,000
-- Median sale price: $500,500
- Total homes sold: 657
-- Share that sold above list: 53.3%
#16. New Haven, Connecticut
- Average price difference: 2.41% over asking
-- Median list price: $349,900
-- Median sale price: $334,000
- Total homes sold: 784
-- Share that sold above list: 58.2%
#15. Camden, New Jersey
- Average price difference: 2.51% over asking
-- Median list price: $324,900
-- Median sale price: $325,000
- Total homes sold: 1,244
-- Share that sold above list: 61.7%
#14. Albany, New York
- Average price difference: 2.68% over asking
-- Median list price: $300,000
-- Median sale price: $310,000
- Total homes sold: 808
-- Share that sold above list: 59.7%
#13. Bridgeport, Connecticut
- Average price difference: 2.70% over asking
-- Median list price: $625,000
-- Median sale price: $569,500
- Total homes sold: 832
-- Share that sold above list: 58.7%
#12. San Francisco, California
- Average price difference: 2.71% over asking
-- Median list price: $1,495,000
-- Median sale price: $1,450,000
- Total homes sold: 718
-- Share that sold above list: 52.5%
#11. Lancaster, Pennsylvania
- Average price difference: 2.72% over asking
-- Median list price: $309,900
-- Median sale price: $329,950
- Total homes sold: 422
-- Share that sold above list: 49.5%
#10. Manchester, New Hampshire
- Average price difference: 2.82% over asking
-- Median list price: $449,900
-- Median sale price: $470,000
- Total homes sold: 401
-- Share that sold above list: 65.1%
#9. Springfield, Massachusetts
- Average price difference: 2.86% over asking
-- Median list price: $334,900
-- Median sale price: $325,000
- Total homes sold: 544
-- Share that sold above list: 63.1%
#8. Worcester, Massachusetts
- Average price difference: 3.24% over asking
-- Median list price: $435,000
-- Median sale price: $433,000
- Total homes sold: 834
-- Share that sold above list: 66.7%
#7. Newark, New Jersey
- Average price difference: 3.88% over asking
-- Median list price: $525,000
-- Median sale price: $527,500
- Total homes sold: 1,666
-- Share that sold above list: 64.2%
#6. San Jose, California
- Average price difference: 4.34% over asking
-- Median list price: $1,398,000
-- Median sale price: $1,487,000
- Total homes sold: 934
-- Share that sold above list: 68.6%
#5. Oakland, California
- Average price difference: 4.41% over asking
-- Median list price: $898,000
-- Median sale price: $930,000
- Total homes sold: 1,634
-- Share that sold above list: 62.8%
#4. Hartford, Connecticut
- Average price difference: 4.96% over asking
-- Median list price: $327,000
-- Median sale price: $330,000
- Total homes sold: 1,182
-- Share that sold above list: 71.8%
#3. Syracuse, New York
- Average price difference: 5.41% over asking
-- Median list price: $195,000
-- Median sale price: $221,500
- Total homes sold: 591
-- Share that sold above list: 64.6%
#2. Buffalo, New York
- Average price difference: 6.25% over asking
-- Median list price: $219,900
-- Median sale price: $255,000
- Total homes sold: 1,067
-- Share that sold above list: 65.4%
#1. Rochester, New York
- Average price difference: 10.64% over asking
-- Median list price: $199,900
-- Median sale price: $232,250
- Total homes sold: 1,090
-- Share that sold above list: 72.9%
