Florida boasts some of the nation’s least competitive markets, despite high prices
By Patrick Kearns | Nov 11, 2021
View data for all metros
Only 40.9% of homes in October sold for more than initial list price, a number that’s declined each month since real estate technology company OJO Labs began tracking the competition indicator in July. Competition declined in 70 of 80 metros in which more than 1,000 homes were sold in October, and only 12 metros had more than half of all their homes sell above list price in October.
The percentage of homes selling above list price sat at 42.8% in September, so the decrease, while minor, showed a steady four-month trend of month-over-month decreases. On an annual basis, the percentage of homes selling above list price was at 30.4% in October 2020, so while the housing market is generally more competitive than it was at this time last year, the year-over-year delta is beginning to contract.
The average home was sold for $1,780 over asking price in October 2021, down from $3,533 in September. In October 2020, homes were selling at an average of $4,493 below list price.
San Francisco—Oakland—San Jose metro in California continued the nation’s most competitive market, as has been the case every month since OJO Labs began tracking the data. 70.2% of homes sold for more than they were originally listed, in October 2021, compared to 60.6% in October 2020. The average home sold for more than $85,448 over asking price, which is down slightly from last month but far ahead of the $27,598 average by which homes were selling above list price in September 2020.
Seattle-Tacoma saw homes selling at the highest premium outside of the Bay Area. In the Seattle metro, homes were selling for, on average, $20,507 above list price.
Dayton, Ohio unseated Norfolk, Virginia as the nation’s least competitive market, with just 3.3% of homes selling above list price.
Florida’s biggest cities continued to be among the least competitive, with Miami-Fort Lauderdale, Panama City, and West Palm Beach all ranking in the top 10 least competitive metropolitan areas. Miami was also the market that offered the biggest discount from list price, with the average sale coming in at $27,102 below list price.
Las Vegas was the only other metropolitan area in which homes sold, on average, for more than $20,000 below list price — although that number is likely skewed by some heavily discounted properties because Las Vegas was ranked as the 25th most competitive metro in terms of homes that sold above list price.
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