SAN FRANCISCO, Calif. (KRON) – The term ‘home sweet home’ became more important than ever during the coronavirus pandemic.
With that came immense competition for buyers looking for their new home.
In some cases, homes have sold for over $1 million over asking price within days of posting.
Realtor.com compiled a list of where homes are selling the most above the asking price as well as where homes are selling the most below asking price.
Realtor looked at sales in nearly 1,500 U.S. cities during the first three months of 2021 and compared the final sales price with the last-known list price to see where homes were selling above (or below) what the owners were asking.
Selling Above Asking:
1. Berkeley, CA
Median list price: $1.2 million
Average increase over asking: 19%
There was a house in Berkeley that sold for $1 million over asking, after receiving a whopping 29 offers.
2. Montclair, NJ
Median list price: $829,050
Average increase over asking: 14%
The pandemic pushed many NYC residents to flee their overpriced apartments and head to the suburbs.
3. Champaign, IL
Median list price: $227,500
Average increase over asking: 13%
“Champaign is great for those who want to save some cash—while remaining just a drive away from big-city perks,” according to realtor.com
It’s also home to the University of Illinois at Urbana Champaign.
4. Clearfield, UT
Median list price: $389,550
Average increase over asking: 10%
Buyers from places like California and Arizona fled to buy homes in Utah during the pandemic.
5. Olathe, KS
Median list price: $471,850
Average increase over asking: 10%
This Kansas City suburb is popular among families and young professionals. Perks include lush greenery, plenty of things to do, and highly rated public schools.
Selling Below Asking:
1. North Miami Beach, FL
Median list price: $850,050
Average reduction from asking: 7%
Florida became one of the most popular relocation destinations during the pandemic, according to realtor.com. However, condos haven’t had the same appeal as single-familiy homes.
2. New Castle, DE
Median list price: $240,050
Average reduction from asking: 5%
3. New York, NY
Median list price: $1.45 million
Average reduction from asking: 5%
While the housing market in NYC is on the upswing, it hasn’t fully recovered, according to realtor.com.
4. Beverly Hills, CA
Median list price: $6.3 million
Average reduction from asking: 5%
The need for more space during the pandemic led people to look beyond Beverly Hills.
5. Northbrook, IL
Median list price: $627,000
Average reduction from asking: 4%
Northbrook, located just outside of Chicago, is a well-known suburb. However, since the pandemic, the need to be close to the city is no longer a must-have requirement for buyers.
