Competition abounds in the real estate market, and 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.
Source: “Housing Competition Data in April 2022,” OJO Labs (May 12, 2022)
