One in four DC home sales were above asking price in 2017

Cornelia Mascio
Gennaio 13, 2018

While some might have expected the record-breaking home price growth and historically low inventory levels seen in 2017 to push buyers away, buyer demand remained strong, and those who had the extra cash to be competitive in a seller's market showed up in full force - something that is evidenced in Zillow's latest home sales analysis.

According to Zillow, 25.4 percent of home sales in the District sold above their asking price in the year 2017.

According to Zillow, buyers paid more than the asking price in 24 percent of USA home sales - a 6.2 percentage point increase from 2012.

Across the nation, 24 percent of home sales were above their ask, reports Zillow. The typical USA home sold in 80 days, while the typical buyer spent more than four months shopping for their next home. "In the booming tech capitals of the California Bay Area and Pacific Northwest, paying above list price is now the norm".

The average is close to 10 times higher in San Jose, Calif., where bids bumped the price up by $62,000-the biggest gap between list and sold price. The amount over asking price grew as well, from 2.5 percent to 5.3 percent above the listed price.

In San Jose, Calif., San Francisco, Salt Lake City and Seattle, more than half of all homes sold past year went for above the list price.

Miami homes were least likely to sell for more than the listed price a year ago, followed by Virginia Beach and New Orleans.

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