Home prices are at an all-time high, and so is demand. That might mean you end up shelling out more than you planned to — and more than the seller is asking — for your dream home.
A recent study from Moving Feedback, a platform for finding the best movers, analyzed Zillow data of homes that sold at higher and lower prices than their original listing across U.S. metro areas.
“This study offers a great insight into where buyers are making a good amount selling and where might not be the best area to invest in buying and selling homes currently,” Harrison Gough, an expert from Moving Feedback, stated in a press release.
5 U.S. cities where homes are selling above asking price
- Vallejo, Calif.
- San Francisco, Calif.
- Rochester, N.Y.
- San Jose, Calif.
- Ithaca, N.Y.
Vallejo, California, is the metro area with the highest percentage of homes sold over the asking price.
Homes in Vallejo, on average, sell at 1.97% over the asking. On average, homes in this area are listed for $544,648, according to Zillow, but can be sold for nearly $40,000 more.
Vallejo is the second-largest city in the North Bay area and a San Francisco Bay Area sub-region. It’s just north of Berkeley and Oakland.
San Francisco’s homes sold on average at 1.03% more than the original list price, according to the Moving Feedback report.
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Just an hour south of Vallejo is San Francisco — the No. 2 city on the list.
Homes in San Francisco are sold on average at 1.03% more than the original list price and have an average home value of $1,271,322, down 12.0% over the past year, according to Zillow.
San Francisco is the second most densely populated large U.S. city after New York City. The city is also home to companies like Airbnb, Salesforce, Uber, and Wells Fargo.
Rochester, New York ranked as the third city where homes are selling over the original asking price.
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Rochester, New York took third place on the list of cities where homes are going for above asking. On average, homes in the city are selling 1.11% over the original asking price, Zillow states.
The average Rochester home value is $239,688, up 7.0% over the past year.
Rochester, New York, is known as a science, research, development, and technology, because it’s home to the University of Rochester and the founding place of companies like Xerox, Western Union, Bausch & Lomb, Wegmans, and more.
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Source: CNBC