Editor’s Notice: This story initially appeared on Porch.
Even two years into the COVID-19 pandemic, People 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 properties. In the meantime, a housing building trade weakened by the COVID-19 pandemic has allowed the nationwide housing inventory to dwindle.
Present homes are promoting quicker and at report costs, with some states and metro areas being hit more durable than others.
To find out the places the place properties are promoting for probably the most above asking, researchers at Porch calculated the common sale-to-list share for 2021. The info used on this evaluation is from Redfin. You may learn extra about our methodology on the finish.
Listed here are the metropolitan areas the place properties are promoting for the best quantity over asking value.
15. Los Angeles-Lengthy Seashore-Anaheim, CA
- Common sale-to-list share: 102.4%
- Share of properties that bought above asking: 59.7%
- Share of properties pending in lower than 2 weeks: 32.7%
- Median sale value: $830,269
- YoY change in median sale value: +15.7%
14. Salt Lake Metropolis, UT
- Common sale-to-list share: 102.4%
- Share of properties that bought above asking: 60.2%
- Share of properties pending in lower than 2 weeks: 61.5%
- Median sale value: $460,034
- YoY change in median sale value: +22.8%
13. Richmond, VA
- Common sale-to-list share: 102.5%
- Share of properties that bought above asking: 59.1%
- Share of properties pending in lower than 2 weeks: 66.4%
- Median sale value: $313,341
- YoY change in median sale value: +11.4%
12. Portland-Vancouver-Hillsboro, OR-WA
- Common sale-to-list share: 102.7%
- Share of properties that bought above asking: 58.5%
- Share of properties pending in lower than 2 weeks: 70.0%
- Median sale value: $501,221
- YoY change in median sale value: +15.2%
11. Sacramento-Roseville-Folsom, CA
- Common sale-to-list share: 102.8%
- Share of properties that bought above asking: 66.1%
- Share of properties pending in lower than 2 weeks: 66.9%
- Median sale value: $537,479
- YoY change in median sale value: +18.7%
10. Boston-Cambridge-Newton, MA-NH
- Common sale-to-list share: 103.0%
- Share of properties that bought above asking: 60.9%
- Share of properties pending in lower than 2 weeks: 38.5%
- Median sale value: $587,553
- YoY change in median sale value: +12.6%
9. Denver-Aurora-Lakewood, CO
- Common sale-to-list share: 103.0%
- Share of properties that bought above asking: 62.2%
- Share of properties pending in lower than 2 weeks: 75.9%
- Median sale value: $523,670
- YoY change in median sale value: +16.9%
8. Grand Rapids-Kentwood, MI
- Common sale-to-list share: 103.2%
- Share of properties that bought above asking: 57.3%
- Share of properties pending in lower than 2 weeks: 75.0%
- Median sale value: $263,861
- YoY change in median sale value: +15.0%
7. Raleigh-Cary, NC
- Common sale-to-list share: 103.2%
- Share of properties that bought above asking: 59.0%
- Share of properties pending in lower than 2 weeks: 40.2%
- Median sale value: $366,666
- YoY change in median sale value: +18.2%
6. Seattle-Tacoma-Bellevue, WA
- Common sale-to-list share: 104.9%
- Share of properties that bought above asking: 61.3%
- Share of properties pending in lower than 2 weeks: 78.8%
- Median sale value: $662,238
- YoY change in median sale value: +17.7%
5. Austin-Spherical Rock-Georgetown, TX
- Common sale-to-list share: 105.1%
- Share of properties that bought above asking: 60.2%
- Share of properties pending in lower than 2 weeks: 39.8%
- Median sale value: $458,176
- YoY change in median sale value: +32.1%
4. Buffalo-Cheektowaga, NY
- Common sale-to-list share: 105.8%
- Share of properties that bought above asking: 64.1%
- Share of properties pending in lower than 2 weeks: 66.3%
- Median sale value: $203,984
- YoY change in median sale value: +16.5%
3. Rochester, NY
- Common sale-to-list share: 106.7%
- Share of properties that bought above asking: 66.9%
- Share of properties pending in lower than 2 weeks: 71.1%
- Median sale value: $185,509
- YoY change in median sale value: +12.2%
2. San Jose-Sunnyvale-Santa Clara, CA
- Common sale-to-list share: 106.8%
- Share of properties that bought above asking: 75.7%
- Share of properties pending in lower than 2 weeks: 61.2%
- Median sale value: $1,344,928
- YoY change in median sale value: +13.3%
1. San Francisco-Oakland-Berkeley, CA
- Common sale-to-list share: 107.9%
- Share of properties that bought above asking: 74.2%
- Share of properties pending in lower than 2 weeks: 63.9%
- Median sale value: $1,125,602
- YoY change in median sale value: +12.3%
Methodology
The info used on this evaluation is from Redfin. To find out the places the place properties are promoting most above asking value, researchers calculated the common sale-to-list share for 2021. Within the occasion of a tie, the placement with the upper share of properties 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 properties bought for the particular location and time interval. To enhance relevance, solely places with at the very least 100,000 residents and full information from Redfin had been included.
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