11 markets saw more than half of all homes sold above list price
By Patrick Kearns | Mar 10, 2022
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The number of homes that sold above list price rose month to month for only the second time since the summer of 2021 in February, data from real estate technology company OJO Labs revealed. Data from the company’s real estate search site Movoto by OJO showed that 39.9% of homes sold above list price in February, up from 36.2% in January.
Competition increased on a month-to-month basis in 42 of the nation’s top 50 metros in terms of homes sold in February — after increasing in just 19 from December to January — and a total of 11 markets saw the number of homes sold above list price top 50%, after just five topped that mark in January.
The rise in competition has reached summer highs — OJO Labs previously reported that 49.7% of homes sold above initial list price in July 2021 — but the housing market is still more competitive now than it was a year ago. According to the data, in February 2021, only 30.7% of homes sold above list price.
U.S. homes, in February, sold for an average of $5,911.62 above list price across the same metro areas, according to the data. That premium is a 1,063% increase from the previous month when homes sold for an average of $508 above the list price. In February 2021, homes were selling for, on average, $2,907.52 below the initial list price.
San Francisco, California, was the nation’s most competitive metro area, as has been the case every month since OJO Labs began tracking the data. In February, 71.4% of homes in San Francisco sold above list price, and the average home sold for $137,588 above the initial list price.
The only other metro in which more than 60% of homes sold above list price was San Diego, California, where 63.2% sold above list price. Homes sold for, on average, $32,647 above the list price.
Los Angeles, California; Sacramento, California; and Denver, Colorado rounded out the top five most competitive metro areas. Denver was a big riser this month, climbing five spots on the list of most competitive markets.
Seattle, Washington, which sat outside the top five in terms of percentage of homes sold above list price, had buyers paying the second-highest premium, with the average home selling at $44,669 above list price.
Green Bay, Wisconsin, was the nation’s least competitive metro area, with only 0.1% of homes selling above list price. Norfolk, Virginia; Madison, Wisconsin; Mobile, Alabama; and Fort Myers, Florida rounded out the bottom five in terms of competition, all of which saw fewer than a quarter of homes sell above list price. The biggest list price discount came in Miami, Florida, where homes sold for, on average, $21,771 below list price.
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