More homes are selling for above asking

by Steve Randall12 Jan 2018
There was a rise in the share of homes selling for above their asking price in 2017.

Zillow says that 24.1% of sellers achieved better-than-expected selling prices of typically around 3.1%. That share was up from 17.8% five years earlier.

That means that sellers were picking up an extra $7,000 on average as competition in many markets continued to be driven by increased demand and low supply.

"Low interest rates and strong labor markets with high-paying jobs have allowed home buyers in some of the country's priciest housing markets to bid well over asking price," said Zillow Senior Economist Aaron Terrazas.

He added that the tech capitals of California Bay Area and Pacific Northwest have become used to paying above asking as the norm.
 
Metropolitan Area Share of Sales
Above List
Price - 2012
Share Of Sales
Above List
Price - 2017
Median Amount
Paid Over List
Price - 2017 (%)
Median Amount
Paid Over List
Price - 2017 ($)
United States 17.8% 24.1% 3.1% $7,000
New York / Northern
New Jersey
6.8% 20.2% 3.3% $12,000
Los Angeles, CA 27.0% 37.5% 2.6% $14,100
Chicago, IL 13.1% 18.5% 2.6% $5,100
Dallas, TX 35.0% 38.9% 5.7% $12,023
Philadelphia, PA 6.1% 16.8% 2.4% $5,100
Houston, TX 27.2% 32.6% 5.0% $9,796
Washington, DC 18.8% 25.4% 1.9% $6,100
Miami, FL 19.0% 11.8% 4.2% $9,100
Atlanta, GA 19.3% 19.6% 2.4% $5,000
Boston, MA 13.4% 40.6% 3.7% $15,001
San Francisco, CA 43.0% 64.5% 6.0% $41,000
Detroit, MI 22.6% 24.0% 2.8% $5,000
Riverside, CA 32.8% 28.8% 1.8% $5,100
Phoenix, AZ 29.0% 16.0% 1.8% $3,600
Seattle, WA 20.3% 52.4% 5.3% $20,100
Minneapolis, MN 16.3% 35.3% 3.0% $6,100
San Diego, CA 24.4% 32.1% 2.1% $10,100
Saint Louis, MO 13.5% 26.2% 4.3% $6,748
Tampa, FL 13.5% 15.6% 2.7% $5,000
Baltimore, MD 10.0% 19.5% 2.2% $5,100
Denver, CO 17.9% 39.5% 2.9% $10,000
Pittsburgh, PA 7.6% 13.7% 2.7% $4,100
Portland, OR 19.6% 41.0% 3.1% $10,100
Charlotte, NC 9.4% 27.0% 2.7% $5,000
Sacramento, CA 34.6% 41.2% 2.5% $9,000
San Antonio, TX 38.9% 42.2% 5.8% $10,913
Orlando, FL 22.3% 16.9% 2.6% $5,000
Cincinnati, OH 9.3% 16.4% 2.3% $3,500
Cleveland, OH 8.6% 18.8% 3.2% $4,300
Kansas City, MO 31.5% 37.8% 4.4% $7,500
Las Vegas, NV 31.4% 25.4% 2.2% $5,000
Columbus, OH 10.1% 32.9% 3.0% $5,100
Indianapolis, IN 34.5% 24.4% 4.1% $5,846
San Jose, CA 49.1% 68.5% 6.8% $62,000
Austin, TX 36.3% 32.7% 6.3% $15,311

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