Editor’s Word: This story initially appeared on Porch.
Even two years into the COVID-19 pandemic, Individuals are discovering that purchasing a house stays difficult.
A rising work-from-home financial system, fueled by households with newfound monetary liquidity, has boosted the nation’s demand for houses. In the meantime, a housing development business weakened by the COVID-19 pandemic has allowed the nationwide housing inventory to dwindle.
Present homes are promoting sooner and at report costs, with some states and metro areas being hit more durable than others.
To find out the areas the place houses are promoting for essentially the most above asking, researchers at Porch calculated the typical sale-to-list share for 2021. The info used on this evaluation is from Redfin. You’ll be able to learn extra about our methodology on the finish.
Listed below are the metropolitan areas the place houses are promoting for the best quantity over asking worth.
15. Los Angeles-Lengthy Seaside-Anaheim, CA
- Common sale-to-list share: 102.4%
- Proportion of houses that bought above asking: 59.7%
- Proportion of houses pending in lower than 2 weeks: 32.7%
- Median sale worth: $830,269
- YoY change in median sale worth: +15.7%
14. Salt Lake Metropolis, UT
- Common sale-to-list share: 102.4%
- Proportion of houses that bought above asking: 60.2%
- Proportion of houses pending in lower than 2 weeks: 61.5%
- Median sale worth: $460,034
- YoY change in median sale worth: +22.8%
13. Richmond, VA
- Common sale-to-list share: 102.5%
- Proportion of houses that bought above asking: 59.1%
- Proportion of houses pending in lower than 2 weeks: 66.4%
- Median sale worth: $313,341
- YoY change in median sale worth: +11.4%
12. Portland-Vancouver-Hillsboro, OR-WA
- Common sale-to-list share: 102.7%
- Proportion of houses that bought above asking: 58.5%
- Proportion of houses pending in lower than 2 weeks: 70.0%
- Median sale worth: $501,221
- YoY change in median sale worth: +15.2%
11. Sacramento-Roseville-Folsom, CA
- Common sale-to-list share: 102.8%
- Proportion of houses that bought above asking: 66.1%
- Proportion of houses pending in lower than 2 weeks: 66.9%
- Median sale worth: $537,479
- YoY change in median sale worth: +18.7%
10. Boston-Cambridge-Newton, MA-NH
- Common sale-to-list share: 103.0%
- Proportion of houses that bought above asking: 60.9%
- Proportion of houses pending in lower than 2 weeks: 38.5%
- Median sale worth: $587,553
- YoY change in median sale worth: +12.6%
9. Denver-Aurora-Lakewood, CO
- Common sale-to-list share: 103.0%
- Proportion of houses that bought above asking: 62.2%
- Proportion of houses pending in lower than 2 weeks: 75.9%
- Median sale worth: $523,670
- YoY change in median sale worth: +16.9%
8. Grand Rapids-Kentwood, MI
- Common sale-to-list share: 103.2%
- Proportion of houses that bought above asking: 57.3%
- Proportion of houses pending in lower than 2 weeks: 75.0%
- Median sale worth: $263,861
- YoY change in median sale worth: +15.0%
7. Raleigh-Cary, NC
- Common sale-to-list share: 103.2%
- Proportion of houses that bought above asking: 59.0%
- Proportion of houses pending in lower than 2 weeks: 40.2%
- Median sale worth: $366,666
- YoY change in median sale worth: +18.2%
6. Seattle-Tacoma-Bellevue, WA
- Common sale-to-list share: 104.9%
- Proportion of houses that bought above asking: 61.3%
- Proportion of houses pending in lower than 2 weeks: 78.8%
- Median sale worth: $662,238
- YoY change in median sale worth: +17.7%
5. Austin-Spherical Rock-Georgetown, TX
- Common sale-to-list share: 105.1%
- Proportion of houses that bought above asking: 60.2%
- Proportion of houses pending in lower than 2 weeks: 39.8%
- Median sale worth: $458,176
- YoY change in median sale worth: +32.1%
4. Buffalo-Cheektowaga, NY
- Common sale-to-list share: 105.8%
- Proportion of houses that bought above asking: 64.1%
- Proportion of houses pending in lower than 2 weeks: 66.3%
- Median sale worth: $203,984
- YoY change in median sale worth: +16.5%
3. Rochester, NY
- Common sale-to-list share: 106.7%
- Proportion of houses that bought above asking: 66.9%
- Proportion of houses pending in lower than 2 weeks: 71.1%
- Median sale worth: $185,509
- YoY change in median sale worth: +12.2%
2. San Jose-Sunnyvale-Santa Clara, CA
- Common sale-to-list share: 106.8%
- Proportion of houses that bought above asking: 75.7%
- Proportion of houses pending in lower than 2 weeks: 61.2%
- Median sale worth: $1,344,928
- YoY change in median sale worth: +13.3%
1. San Francisco-Oakland-Berkeley, CA
- Common sale-to-list share: 107.9%
- Proportion of houses that bought above asking: 74.2%
- Proportion of houses pending in lower than 2 weeks: 63.9%
- Median sale worth: $1,125,602
- YoY change in median sale worth: +12.3%
Methodology
The info used on this evaluation is from Redfin. To find out the areas the place houses are promoting most above asking worth, researchers calculated the typical sale-to-list share for 2021. Within the occasion of a tie, the placement with the upper share of houses that bought above asking was ranked greater.
All of the fields had been decided utilizing a weighted common of the month-to-month information based mostly on the variety of houses bought for the precise location and time interval. To enhance relevance, solely areas with at the least 100,000 residents and full information from Redfin had been included.
Disclosure: The data you learn right here is all the time goal. Nonetheless, we typically obtain compensation once you click on hyperlinks inside our tales.
