Close to 6,000 homes were sold in January for $100,000+ above the homes’ asking prices in 2022.
Successful Buyers in January Paid More to Win
January 2022 was an important month in the housing industry for two reasons: the market had the lowest number of for-sale homes on record and it was the most competitive month ever for home buyers.
Nationwide, 5,897 homes sold for at least $100,000 over asking price from January 1, 2022, through February 15, 2022. This is more than double the 2,241 homes that sold for at least $100,000 over asking price last year during this same time period, according to a Redfin analysis of sales prices vs. list prices in the 50 most populous metros in the US.
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The Los Angeles metro area led this sale vs. list price competition with 718 homes selling for at least $100,000 compared to last year’s 273 homes. Such bidding war action drove up home prices +15% to a median of $825,000, making it the second-most expensive place to buy a home in the country after the San Francisco Bay Area. Meanwhile, for-sale inventory in the Los Angeles metro area dropped -29% y/y to an all-time low in January.
Among the home offers submitted by Redfin agents between January 1 and February 15, 2022, 70% faced bidding wars. The result? The median home-sale price jumped +14% y/y to $376,200.
Demand Far Outpacing Record-Low Number of For-Sale Homes
Many homebuyers during this beginning of the year six-week time frame were motivated to buy at whatever costs to “beat” expected rising interest rates. Los Angeles Redfin agent Sylvia Khayalian said, “On top of a lack of homes for sale, which makes everything a hot commodity, buyers are just plain eager. They’re anxious to purchase a home ASAP because as rates rise, they won’t be able to afford the homes they’re looking at now and they’ll have to drop into a lower price range. People are willing to bid up home prices because they want to be done with their search.”
Number & Share of Homes Sold for $100,000+ Over Asking Price
Nationally
- # homes sold for $100,000+ over list in 2022 – 5897
- # homes sold for $100,000+ over list in 2021 – 2421
- share of homes sold for $100,000+ over list in 2022 – 1.8%
- share of homes sold for $100,000+ over list in 2021 – 0.7%
Los Angeles CA
- # homes sold for $100,000+ over list in 2022 – 718
- # homes sold for $100,000+ over list in 2021 – 2421
- share of homes sold for $100,000+ over list in 2022 – 11.3%
- share of homes sold for $100,000+ over list in 2021 – 3.9%
Oakland CA
- # homes sold for $100,000+ over list in 2022 – 580
- # homes sold for $100,000+ over list in 2021 – 455
- share of homes sold for $100,000+ over list in 2022 – 29.8%
- share of homes sold for $100,000+ over list in 2021 – 17.8%
San Jose CA
- # homes in 2022 – 490
- # homes in 2021 – 264
- share of homes in 2022 – 45.5%
- share of homes in 2021 – 19.8%
Seattle WA
- # homes in 2022 – 488
- # homes in 2021 – 232
- share of homes in 2022 – 17.1%
- share of homes in 2021 – 6.2%
Anaheim CA
- # homes in 2022 – 365
- # homes in 2021 – 33
- share of homes in 2022 – 14.8%
- share of homes in 2021 – 1.1%
San Francisco CA
- # homes in 2022 – 335
- # homes in 2021 – 193
- share of homes in 2022 – 40.0%
- share of homes in 2021 – 18.2%
San Diego CA
- # homes in 2022 – 323
- # homes in 2021 – 55
- share of homes in 2022 – 10.8%
- share of homes in 2021 – 1.6%
Boston MA
- # homes in 2022 – 158
- # homes in 2021 – 45
- share of homes in 2022 – 4.7%
- share of homes in 2021 – 1.1%
Denver CO
- # homes in 2022 – 125
- # homes in 2021 – 25
- share of homes in 2022 – 3.2%
- share of homes in 2021 – 0.6%
New York NY
- # homes in 2022 – 109
- # of homes in 2021 – 50
- share of homes in 2022 – 1.3%
- share of homes in 2021 – 0.7%
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Thanks to Redfin.
