Skip to main content

Homes Sold Above List Price at Three-Year Low

Phil Hall
Feb 06, 2020
Photo credit: Getty Images/M-image

Only 19.9 percent of homes sold last year–roughly one-fifth of all transactions–were purchased at more than their asking price, according to a new Zillow analysis. This is down from the 21.5 percent share in 2018 and it disrupts a four-year streak where a greater share of homes sold above list price.
 
The median amount above asking that sellers realized was $5,100, down from $5,500 in 2018 and the lowest since at least 2011. Zillow reported the coolest top-35 markets were Miami (8.9 percent of homes sold above asking) Las Vegas (12.6 percent) and Tampa (13.3 percent). On the flip side, metro markets that recorded the greatest shares of homes selling above list were San Francisco (48.6 percent), San Jose (38.8 percent) and Boston (34.7 percent).
 
"The housing market took a breather in 2019, after years of red-hot sellers' markets," said Zillow Economist Jeff Tucker. "Many sellers were caught off-guard by the changing conditions, and ended up accepting offers at or below list prices that were dreamed up during the height of the frenzy. But the cloudy outlook for sellers began to clear late in the year after inventory buildups in several cities were whittled back down to record lows, suggesting a hot spring sellers' market is around the corner. Sellers hoping to cash in and upgrade should proceed with care, however, as the same tight conditions that may drive up their sale price will be facing them on the other side when they look to buy their next home."

 
Published
Feb 06, 2020
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021