There was a rise in the share of homes selling for above their asking price in 2017
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.
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 |
