Houses Selling Above List Price Declined for the Fourth Consecutive Month in October
Competition for homes declines for a fourth consecutive month
A recently released report from OJO Labs, a Texas-based real estate technology and guidance company, reveals that 40.9% of homes in October sold for more than the list price — a portion that has been steadily declining for the past four months.
The percentage holds true on a local scale as well. In the top 80 metro areas that experienced a minimum of 1,000 homes sold in October, 70 areas saw declines with only 10 seeing a rise in homes selling above listing price.
The percentage of homes selling above list price sat at 42.8% in September, so the decrease, while minor, showed a steady four-month trend of month-over-month decreases. On an annual basis, the percentage of homes selling above list price was at 30.4% in October 2020, so while the housing market is generally more competitive than it was at this time last year, the year-over-year delta is beginning to contract.
The average home was sold for $1,780 over asking price in October 2021, down from $3,533 in September. In October 2020, homes were selling at an average of $4,493 below list price.
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