- Vallejo, California, is the number one metro area for selling homes over the list price
- San Francisco, CA, and Rochester, NY, rank second and third
- Key West, Florida, is the metro area selling the least homes over list price in the US
A new study has revealed that Vallejo, California is the metro area selling the most homes above listing price in the US.
The study conducted by relocation experts at Moving Feedback analysed historical Zillow data for homes that sold at higher and lower prices than their original listing. The sales-to-list ratios of the properties were averaged for each metro area, revealing which properties were selling at the highest and lowest amounts compared to their original listing.
Vallejo, California, is the metro area with the highest percentage of homes sold over the asking price. Homes in Vallejo sell at 1.07% over the asking price on average. Homes in this area are listed for $521,177 on average but can be sold for nearly $40,000 over this.
San Francisco, California, places second in the rankings, with the figures revealing that homes in the area are sold at around $973,772. Homes in this Metro area are sold on average at 1.03% more than original list price, averaging $31,158 over the original listing price.
The third metro area selling homes the most above the original list price is Rochester, New York, where homes are sold on average at $181,242 and 1.11% over the original list price, around $20,449 above the asking price.
San Jose, California, places fourth with homes selling at an average of 1.01% over the original list price and $13,781 over the asking price. Compared to homes in Ithaca, New York, selling at 1.05% over the asking price and $13,175 above the original list price, placing it in fifth.
Key West, Florida, is the metro area where homes sell the most under the asking price, in addition, homes sell for 0.95% less than the original asking price on average. Property in this area is listed for $925,997 but is sold for almost $44,000 less.
Naples, Florida, is the second area selling the most under the original list price, with homes in this area selling on average at 0.96% under the asking price. Homes in this metro area are listed at an average of around $619,782 but are sold at approximately $26,000 less.
The third metro area with the highest percentage of homes sold under the asking price is Coeur d’Alene, Idaho, where homes are listed on average at around $616,121. Homes in this area are usually sold for around $22,000 cheaper than the original list price, averaging at 0.97% less than the asking price.
Glenwood Springs, Colorado, is the fourth metro area in the rankings, with homes averaging listing prices of $570,791 but are selling at around $18,900, meaning homes in Glenwood Springs are sold at 0.97% less then asking price.
Ocean City, New Jersey, is the fifth metro area selling homes the most under asking price. The homes in this area are sold at 0.97% less than the list price, with a home’s average list price in this area being $522,348, meaning homes are sold at almost $16,300 less than originally planned.
California is home to three different metro areas that rank highly in the study, proving its popularity in real estate and its ease at selling a substantial amount of homes above asking price.
Florida, however, has four metro areas ranking as the areas in which homes are sold the most under the original asking price.
Expert Harrison Gough from Moving Feedback commented on the study:
“Selling your home can be one of the most exciting times in your life, whether you’re selling up to settle down, getting into flipping property and creating gorgeous homes, or whether you just want to relocate, nothing feels better than when you sell over asking price.
It is inciteful to see which areas have the most desirable property for which buyers are willing to go a substantial amount over the original listing price and which areas are sticking to their original list prices or being sold for less.
The real estate industry is forever changing and becoming increasingly desirable for people to get involved in; this study offers a great insight into where buyers are making a good amount from selling and where might not be the best area to invest in buying and selling homes currently.”
The metro areas selling the most homes above the original list price in the US
The metro areas selling the most homes below the original list price in the US
Please see link to full report here