A new report from OJO Laboratories, a Texas-based real estate guidance and technology company, found that in October 40.9% of homes sold for more than their list price, a number that has steadily declined over the years. last four months.
This number also rings true locally: in the top 80 metropolitan areas that saw at least 1,000 homes sold last month; 70 areas saw a decline, of which only 10 saw an increase in the number of homes sold above the list price.
According to the report, written by Patrick kearns, the director of storytelling and public relations at OJO Labs, the percentage of homes sold above the list price stood at 42.8% in September.
“On an annual basis, the percentage of homes sold above the list price was 30.4% in October 2020, so while the housing market is generally more competitive than it was at the same time l last year, the year-over-year delta started to decline. contract, ”Kearns wrote.
Additionally, the report found that an average home sold for $ 1,790 above asking price in October, down from $ 3,533 in September and $ 4,493 in October 2020.
“The San Francisco / Oakland / San Jose Metro in California has remained the most competitive market in the country, as it has done every month since OJO Labs began tracking data,” Kearns wrote in the report. “70.2% of homes sold for more than they were originally listed in October 2021, up from 60.6% in October 2020. The average home sold for over $ 85,448 over price asked, which is down slightly from last month but far ahead of the average $ 27,598 where homes were selling above the list price in September 2020. ”
“Seattle-Tacoma has seen homes sell for the highest price outside of the Bay Area. In the Seattle subway, homes were selling for an average of $ 20,507 above the list price, ”Kearns continued. “Dayton, Ohio dethroned Norfolk, Va. As the least competitive market in the country, with just 3.3% of homes selling above list price. “
Click here to view the full report, including the breakdown of the top 80 metropolitan areas tracked by OJO Labs.