\n(NASDAQ: RDFN) \u2014 Eight of the 50 most populous U.S. metropolitan areas saw an increase in the share of homes selling for above their original list price in February, and half of those metros are in the Bay Area or New York. That\u2019s according to a new report<\/a> from Redfin (www.redfin.com<\/a>), the technology-powered real estate brokerage.\n<\/p>\n
\nIn San Francisco<\/a>, 57.2% of homes that sold went for more than their original list price, up 7.5 percentage points from a year earlier. That\u2019s the biggest jump among the top 50 metros. Next came Nassau County, NY<\/a> (+4.4 ppts), San Jose, CA<\/a> (+3.5 ppts), Milwaukee<\/a> (+2.7 ppts), San Antonio<\/a> (+2.4 ppts), New York<\/a> (+2.2 ppts), Portland, OR<\/a> (+1.4 ppts) and Philadelphia<\/a> (+0.8 ppts).\n<\/p>\n \nHomebuyer demand in the Bay Area and New York slowed considerably during the pandemic as people fled major urban areas, but has been bouncing back<\/a> in recent<\/a> years.\n<\/p>\n \n\u201cThe Bay Area has an unending population of people with enormous swaths of money,\u201d said Josh Felder<\/a>, a Redfin Premier<\/a> real estate agent in the Bay Area. \u201cA decade or so ago, we all thought the growth in home prices was unsustainable, but they just keep going up and up. That\u2019s partly because there aren’t enough homes for sale, and partly because tech continues to boom despite ups and downs in the stock market and geopolitical uncertainty.\u201d\n<\/p>\n \nFelder said the housing market heated up in February due to pent-up demand, but has lost some momentum in March as buyers hold out for more inventory. The market still feels less active than it did before the pandemic, he added.\n<\/p>\n \n\u201cI submitted an offer on a house in a really desirable San Jose neighborhood recently and there were 22 offers. It ended up going for around 10% over the asking price, which is commonplace,\u201d Felder said. \u201cBut back in 2017 or 2018, it was common for homes in desirable neighborhoods to sell for 15% or more over asking, indicating that today\u2019s market is actually somewhat restrained.\u201d\n<\/p>\n \nIt\u2019s worth noting that inventory has started to improve in the Bay Area; active listings of homes for sale in San Francisco rose 5.8% year over year in February, and climbed a respective 27% and 38.7% in San Jose and Oakland<\/a>.\n<\/p>\n Nationwide, 1 in 5 Homes Sell for More Than Their Original List Price<\/b><\/p>\n \nNationwide, 20.5% of homes sold for above their original list price in February, down from 22.8% a year earlier. Nearly two-thirds (64.2%) sold for less than their original list price, compared with 60.9% a year earlier. And 15.4% sold for exactly their original list price, compared with 16.3% a year earlier and the lowest February share since 2019.\n<\/p>\n \nMany home sellers shoot for the moon when pricing their homes and end up getting less money than they hoped for. That\u2019s increasingly the case today because 2025 is shaping up to be a buyer\u2019s market<\/a> due to elevated mortgage rates and rising<\/a> inventory. There was a brief period during the pandemic homebuying frenzy when the share of homes selling above list price skyrocketed and was comparable with the share of homes selling below list price: around 40%. But these figures have now reverted to pre-pandemic norms. Redfin agents in most areas recommend that sellers today price their homes fairly if they want to find a buyer quickly.\n<\/p>\n Southern California Saw the Biggest Jump in Homes Selling Below List Price<\/b><\/p>\n \nIn San Diego<\/a>, 51.2% of homes that sold in February went for less than the seller originally asked for, up 8.9 percentage points year over year\u2014the largest increase among the top 50 metros. Next came Anaheim, CA<\/a> (+8.7 ppts), Charlotte, NC<\/a> (+7.3 ppts), Atlanta<\/a> (+7.3 ppts) and Sacramento, CA<\/a> (+6.8 ppts).\n<\/p>\n \nAn increase in inventory may be partially responsible for the uptick; on average, active listings of homes for sale rose 23.9% year over year across those five metros. That\u2019s nearly triple the 8.4% average gain across the five metros with the biggest increases in homes selling above asking price. Homebuyers are more likely to try to negotiate a lower price when they have more options to choose from.\n<\/p>\n \n\u201cWhen sellers have a polished home that\u2019s priced appropriately, it will sell really, really quickly,\u201d said Charles Wheeler<\/a>, a Redfin Premier<\/a> real estate agent in San Diego. \u201cIt’s the sellers that really want to push the value that get into trouble. Even overpricing by $20,000 can scare buyers off and cause a home to sit on the market.\u201d\n<\/p>\n Sellers in the Bay Area Are Most Likely to Fetch Above Their Asking Price<\/b><\/p>\n \nIn San Jose, roughly two-thirds (67.1%) of homes that sold in February went for more than their original asking price\u2014the highest share among the metros Redfin analyzed. It\u2019s followed by Oakland (57.7%), San Francisco (57.2%) and Newark, NJ<\/a> (53.5%). Those are the only major metros where a majority of home sellers fetch more than their original asking price. Nassau County rounds out the top five, at 47.1%.\n<\/p>\n \nThe Bay Area almost always has the highest share of homes selling above list price because many buyers there underprice homes to fuel bidding wars. That\u2019s why this analysis leads with year-over-year changes\u2014to demonstrate that the Bay Area not only has the highest share of homes selling above asking price, but is also seeing this trend increase faster than anywhere else.\n<\/p>\n Sellers in Florida and Texas Are Most Likely to Fetch Below Their Asking Price<\/b><\/p>\n \nIn West Palm Beach, FL<\/a>, 88.2% of homes sold below their original list price in February\u2014the highest share among the metros Redfin analyzed. Next come two other Florida metros: Fort Lauderdale<\/a> (85.7%) and Miami<\/a> (83.7%). Rounding out the top five are two Texas metros: San Antonio<\/a> (81.2%) and Austin<\/a> (80.2%).\n<\/p>\n \nFlorida and Texas likely top the list in part because the supply of homes for sale isn\u2019t as constrained as it is in other metros. They have been building more housing than other states, and stale inventory has been piling up<\/a>, giving buyers bargaining power. Florida has also been grappling with intensifying natural disasters, skyrocketing HOA<\/a> fees and surging insurance<\/a> costs, giving some buyers pause.\n<\/p>\n Home Sellers in Seattle Are Most Likely to Fetch Their Exact Asking Price<\/b><\/p>\n \nIn Seattle<\/a>, 26.7% of homes that sold in February went for exactly their original listing price\u2014the highest share among the metros Redfin analyzed. Next came Virginia Beach, VA<\/a> (25.7%), Nashville<\/a> (24%), Washington, D.C.<\/a> (19.5%) and Columbus, OH<\/a> (18.4%).\n<\/p>\n \nTo view the full report, including a chart, methodology and metro-level data, please visit: https:\/\/www.redfin.com\/news\/homes-sold-above-list-price-2025<\/a><\/p>\n About Redfin<\/b><\/p>\n \nRedfin (www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.\n<\/p>\n \nRedfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans\u00ae, Rent.\u2122, Apartment Guide\u00ae, Title Forward\u00ae and WalkScore\u00ae.\n<\/p>\n \nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com<\/a>. To learn about housing market trends and download data, visit the Redfin Data Center<\/a>. To be added to Redfin’s press release distribution list, email press@redfin.com<\/a>. To view Redfin’s press center, click here<\/a>.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250401939566\/en\/<\/a><\/span><\/p>\n \nContact Redfin KEYWORDS:<\/b> United States North America Washington California New York<\/p>\n INDUSTRY KEYWORDS:<\/b> Professional Services Technology Residential Building & Real Estate Finance Construction & Property Internet<\/p>\n<\/p>\n
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Redfin Journalist Services:
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Ally Forsell, 206-588-6863
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press@redfin.com<\/a><\/p>\n
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