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SoCal's hot real estate market
Southern California home prices reached an all-time high in February. Experts say low mortgage rates and people's desire to own more space is driving a pandemic housing boom.
LOS ANGELES - Three out of the top five cities in the United States where homes are being sold over list price more than any other metro are in California, according to a new study.
Vallejo, California topped the list put out by Moving Feedback, which analyzed historical Zillow data for homes that sold at higher and lower prices than their original listing. The sales-to-list ratios of the properties were averaged for each metro area, revealing which properties were selling at the highest and lowest amounts compared to their original listing.
According to the study, homes in Vallejo sell at 1.07% over the asking price on average. Homes in this area are listed for $521,177 on average, but can be sold for nearly $40,000 over this, data found.
Keeping it in the Bay Area, San Francisco ranked second, with the figures revealing that homes in the area are sold at around $973,772. Homes in this area are sold on average at 1.03% more than original list price, averaging $31,158 over the original listing price, the data indicated.
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San Jose, California, places fourth, with homes selling at an average of 1.01% over the original list price and $13,781 over the asking price, according to the figures.
Rochester, New York ranked third, while Ithaca, New York rounded out the top five.
Key West, Florida, is the metro area where homes sell the most under the asking price, in addition, homes sell for 0.95% less than the original asking price on average. Property in this area is listed for $925,997 but is sold for almost $44,000 less, data indicated.
"The real estate industry is forever changing and becoming increasingly desirable for people to get involved in; this study offers a great insight into where buyers are making a good amount from selling and where might not be the best area to invest in buying and selling homes currently," said expert Harrison Gough on the study.