Metros where homes are selling for the most over asking price
Metros where homes are selling for the most over asking price
As peak homebuying season begins, potential buyers are feeling apprehensive about making such a large purchase.
Pending home sales in February dropped by 6% compared to the same time a year ago, according to Redfin. Still, home prices rose about 3% from the year before, reaching $425,421, but this marked the slowest growth since August. Of the homes sold, just 24.6% went for above their list price, and the average price difference was 1.5% below asking. However, there are still some places where sellers have the upper hand.
Stacker analyzed data from Redfin to see where homes are selling for the most above the asking price. Metros, which include the main city as well as its surrounding town and suburbs, are ranked by the average sale-to-list ratio, which is the difference between what a home is listed for and how much a buyer paid. Metros with fewer than 300 home sales are excluded from this list. Also shown are the metro area's median listing prices for homes on the market and median sale prices for homes that sold during that month.
#19. Tacoma, Washington
- Average price difference: 0.01% over asking
-- Median list price: $597,000
-- Median sale price: $549,750
- Total homes sold: 690
-- Share that sold above list: 33.9%
#18. Los Angeles
- Average price difference: 0.03% over asking
-- Median list price: $999,000
-- Median sale price: $920,000
- Total homes sold: 3,503
-- Share that sold above list: 40.6%
#17. Washington DC
- Average price difference: 0.11% over asking
-- Median list price: $597,250
-- Median sale price: $559,495
- Total homes sold: 3,214
-- Share that sold above list: 39.3%
#16. Camden, New Jersey
- Average price difference: 0.12% over asking
-- Median list price: $359,900
-- Median sale price: $355,350
- Total homes sold: 878
-- Share that sold above list: 43.5%
#15. Nassau County, New York
- Average price difference: 0.36% over asking
-- Median list price: $725,000
-- Median sale price: $715,000
- Total homes sold: 1,389
-- Share that sold above list: 49.4%
#14. Springfield, Massachusetts
- Average price difference: 0.43% over asking
-- Median list price: $349,000
-- Median sale price: $339,500
- Total homes sold: 336
-- Share that sold above list: 44.3%
#13. Buffalo, New York
- Average price difference: 0.57% over asking
-- Median list price: $249,000
-- Median sale price: $235,000
- Total homes sold: 519
-- Share that sold above list: 47.0%
#12. New Haven, Connecticut
- Average price difference: 0.60% over asking
-- Median list price: $380,000
-- Median sale price: $371,625
- Total homes sold: 540
-- Share that sold above list: 49.1%
#11. Syracuse, New York
- Average price difference: 0.69% over asking
-- Median list price: $222,450
-- Median sale price: $242,500
- Total homes sold: 303
-- Share that sold above list: 45.5%
#10. Frederick, Maryland
- Average price difference: 0.74% over asking
-- Median list price: $590,000
-- Median sale price: $541,000
- Total homes sold: 755
-- Share that sold above list: 42.1%
#9. Boston
- Average price difference: 0.82% over asking
-- Median list price: $799,000
-- Median sale price: $705,000
- Total homes sold: 1,790
-- Share that sold above list: 45.6%
#8. Bridgeport, Connecticut
- Average price difference: 0.84% over asking
-- Median list price: $734,450
-- Median sale price: $610,000
- Total homes sold: 475
-- Share that sold above list: 44.2%
#7. Seattle
- Average price difference: 1.05% over asking
-- Median list price: $844,495
-- Median sale price: $800,000
- Total homes sold: 2,248
-- Share that sold above list: 35.5%
#6. Hartford, Connecticut
- Average price difference: 2.43% over asking
-- Median list price: $350,000
-- Median sale price: $345,000
- Total homes sold: 658
-- Share that sold above list: 60.0%
#5. Newark, New Jersey
- Average price difference: 2.48% over asking
-- Median list price: $599,000
-- Median sale price: $560,000
- Total homes sold: 1,004
-- Share that sold above list: 56.4%
#4. Oakland, California
- Average price difference: 3.69% over asking
-- Median list price: $909,000
-- Median sale price: $930,000
- Total homes sold: 1,255
-- Share that sold above list: 59.6%
#3. San Francisco
- Average price difference: 5.94% over asking
-- Median list price: $1,399,888
-- Median sale price: $1,500,000
- Total homes sold: 618
-- Share that sold above list: 58.4%
#2. San Jose, California
- Average price difference: 6.49% over asking
-- Median list price: $1,498,000
-- Median sale price: $1,580,000
- Total homes sold: 752
-- Share that sold above list: 67.7%
#1. Rochester, New York
- Average price difference: 6.51% over asking
-- Median list price: $214,900
-- Median sale price: $220,000
- Total homes sold: 432
-- Share that sold above list: 60.9%
