The average home in the U.S. sold for $4,149 above initial price
By Patrick Kearns | Oct 14, 2021
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Roughly 43% of homes in September sold for more than initial list price, according to data released Thursday by OJO Labs. It’s the third consecutive month in which the competition indicator — which tracks homes sold in the nation’s top metro areas — declined on a monthly basis. Competition also fell in 67 of the 76 metro areas in which more than 1,000 homes were sold in September.
Data compiled from the OJO Labs search site, Movoto by OJO, showed the number of homes sold above list price decreased from 46.2% in August, but was still far ahead of the September 2020 total of 29.7%, meaning there’s still a long way to go before we reach levels that were seen late last year.
In dollar amount, the average home was sold for $4,149 over asking price in September 2021, down from $5,967 in July. In September 2020, homes were selling at a discount, with the average home selling for $4,975 less than it was originally listed, according to the data.
San Francisco—Oakland—San Jose metro in California continued to be the nation’s most competitive market, where 71.4% of homes sold for more than they were originally listed, compared to 55.9% in September 2020. The average home sold for more than $92,890 over asking price, which is down slightly from last month but far ahead of the $23,253 average homes were selling above list price in September 2020.
Once again, Norfolk, Virginia, was the nation’s least competitive market, with 5.7% of homes selling for more than initial list price. Miami, Florida, was the least competitive metropolitan area where more than 5,000 homes were sold in August, with just 23% of the homes selling for more than initial list price and homes selling, on average, -$21,710 below list price.
A number of the nation’s hottest markets also saw fewer than half of homes sell above list price for the first time since OJO Labs began publishing the data back in June. Denver, Colorado; Salt Lake City, Utah; Austin, Texas; and Charlotte, North Carolina also dipped below 50% from August to September.
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