A new report from OJO Labs, a Texas-based real estate technology and guidance company, has found that 40.9% of homes in October sold for more than its list price—a number that has been consistently declining over the last four months.
This number also rings true on a local scale as well: in the top 80 metro areas that saw at least 1,000 homes sold last month; 70 areas saw a decline with only 10 seeing a rise in homes selling for more than list price.
According to the report, which was authored by Patrick Kearns, the Director of Storytelling and Public Relations at OJO Labs, the percentage of homes that sold above list price sat at 42.8% in September, so the decrease, while minor, showed a steady four-month trend of month-over-month decreases.
“On an annual basis, the percentage of homes selling above list price was at 30.4% in October 2020, so while the housing market is generally more competitive than it was at this time last year, the year-over-year delta is beginning to contract,” Kearns wrote.
In addition, the report found that the average home sold for $1,790 over the asking price in October, down from $3.533 in September and down from $4,493 in October 2020.
“San Francisco/Oakland/San Jose metro in California continued the nation’s most competitive market, as has been the case every month since OJO Labs began tracking the data,” wrote Kearns in the report. “70.2% of homes sold for more than they were originally listed, in October 2021, compared to 60.6% in October 2020. The average home sold for more than $85,448 over asking price, which is down slightly from last month but far ahead of the $27,598 average by which homes were selling above list price in September 2020.”
“Seattle-Tacoma saw homes selling at the highest premium outside of the Bay Area. In the Seattle metro, homes were selling for, on average, $20,507 above list price,” Kearns continued. “Dayton, Ohio unseated Norfolk, Virginia as the nation’s least competitive market, with just 3.3% of homes selling above list price.”
Click here to view the full report, including breakdown of the top 80 metropolitan areas tracked by OJO Labs.