Competition For Homes Dips For Fourth Consecutive Month

The report, as explained by Patrick Kearns, director of storytelling for OJO, found that competition declined in 70 of the 80 metros in which more than 1,000 homes were sold in October 2021. Additionally, only 12 metros saw more than half of all of their homes sell above list price in October 2021.

“The percentage of homes selling 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,” said Kearns in his report. “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.”

Unsurprisingly enough, the San Francisco–Oakland–San Jose metro was the nation's most competitive market. This has reportedly been the case every month since OJO began tracking these metrics. 

According to the data, 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, according to Kearns. 

Meanwhile, Florida's largest cities are among the least competitive metros, and Miami was the market with the largest discount from list price. An average sale in Miami came in at $27,201 below list price, according to the report.