The market is in a frenzy and public opinion sways with opinion, but nothing beats the facts! With severe competition in the real estate market, recent reports indicate that buyers are continuing to bid up home prices this spring. Fifty-two percent of homes sold above the list price in April, up from 45% in March and from 42% a year earlier, according to OJO Labs, a real estate technology company.
Homes in April sold for an average of $13,655 above the list price across metro areas, according to the OJO Lab analysis that tracked MLS sold data.
In San Francisco, 82% of homes sold above the list price and at an average of $190,921 higher. Denver had the second-most-competitive metro, with 70% of homes selling above the list price—$33,464 higher.
San Diego, Boston, and Los Angeles all saw 65% of their homes sell above the list price in April.