San Jose ranks No. 1 in the U.S. for homes selling 6.2% over the asking price. Brad Gill, broker/owner of NextHome Lifestyles, explains in THIS NEW YORK POST ARTICLE that San Jose’s limited geographic space and high demand from well-paid tech employees create fierce competition for housing. Seasonal fluctuations and fewer listings, partly due to high interest rates, also drive up demand. However, many homes are listed below their market value to encourage competitive bids. Surprisingly, several cities with lower median home prices, especially in Connecticut, are also experiencing homes selling over asking due to commuter demand.
Check out the top 10 cities where homes sell for the most over the asking price, along with their median list price:
1. San Jose, CA
Median home price: $1.3 million
Over asking price: 6.2%
2. Hartford, CT
Median home price: $210,000
Over asking price: 4.8%
3. Kansas City, MO
Median home price: $260,000
Over asking price: 4.3%
4. San Francisco, CA
Median home price: $1.15 million
Over asking price: 3.6%
5. Buffalo, NY
Median home price: $220,000
Over asking price: 3.1%
6. New Haven, CT
Median home price: $350,000
Over asking price: 2.7%
7. Bridgeport, CT
Median home price: $375,000
Over asking price: 1.9%