More than half of all homes sold above list price in 20 metros
By Patrick Kearns | Apr 14, 2022
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More than half of all homes were sold for more than the initial list price in 20 of the nation’s top metros in March, data from OJO Labs revealed Thursday. The renewed level of competition comes as the spring selling season gets underway and mortgage rates climb rapidly.
Competition increased on a month-to-month basis in 49 of the nation’s top 50 metros in terms of homes sold in March. Only Buffalo, New York, actually saw competition decrease. Last month, only 11 of the nation’s top 50 metros saw more than half of all homes sell above list price.
Overall, 46% of homes were sold above list price in March, according to data pulled from Movoto by OJO, the residential real estate search site from OJO Labs. According to the data, it’s the highest percentage since August 2021. It’s a significant increase from last month, when only 40% of homes sold above list price, and an even bigger increase from March 2021, when 36.2% of homes sold above list price.
U.S. homes, in March, sold for an average of $9,687 above list price across the same metro areas, according to the data. The revised data for February 2021 showed homes sold for, on average, $3,857 above 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 March, 80% of homes in San Francisco sold above list price, and the average home sold for $179,515 above the initial list price. At this time last year, homes sold for, on average, $45,404 above list price.
San Diego was the nation’s second most competitive metro, with 67% of homes selling above list price, compared to 63% last month. Homes sold for, on average, $45,032 above list price in San Diego, up from $32,103 last month and $9,036 at this time last year.
Denver, Colorado; Sacramento, California; and Seattle, Washington, 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 climbed into the top five this month, had buyers paying the second-highest premium behind San Francisco, with the average home selling at $58,857 above list price. There were six metros where buyers paid an average of more than $20,000 over list price, and there were eight metros where more than 60% of homes sold above list price.
Green Bay, Wisconsin, remained the nation’s least competitive metro area, with only 3% of homes selling above list price. Norfolk, Virginia; Madison, Wisconsin; Milwaukee, Wisconsin; and Fort Myers, Florida, rounded out the bottom five in terms of competition. The biggest list price discount came in Miami, Florida, where homes sold for, on average, $17,944 below list price.
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