Redfin: Nearly 6,000 U.S. Homes Have Sold $100,000+ Above Asking This Year

If you needed some data to validate the anecdotes, here you go: Homes are selling way above asking price and at a much higher pace than last year.

That’s according to Redfin analysis of sale prices versus list prices in the 50 most populous U.S. metros from Jan. 1-Feb. 15, 2022, compared with the same period last year.

Nationwide, 5,897 homes sold for at least $100,000 over asking price at the beginning of this year, up from 2,241 during the same period last year. L.A. led the way, with 718 homes selling for at least $100,00 over asking price, more than any other major metro and up from 273 a year ago. 

And California Listings agents are seeing this trend firsthand. George Ouzounian and Gina Michelle’s recent sale at 1760 S. Orange Grove Avenue in L.A. (pictured above) went for an incredible $601,000 over asking!

Additionally, Porter Ranch expert Collin St. Johns recently landed his seller a closing that was $151,000 over list price (pictured below), while Long Beach/Bixby Knolls expert Erik Chavez also closed a deal $131,000 over asking. 

What’s leading to such a price push? Redfin analysts note that many buyers of homes that closed in the beginning of 2022 were rushing to take advantage of still relatively low mortgage rates, that have since continued to climb. Of course, housing demand is outpacing supply, leading to two months of fierce competition. 

In L.A., for example, the number of homes for sale dropped 29 percent year over year to an all-time low in January.

Six of the top 10 metros where homes are selling for six figures above list price are in the Golden State. Los Angeles is followed by Oakland, where 580 homes sold for at least $100,000 over asking price at the beginning of this year. Next came San Jose (490 homes), Seattle (488 homes), Anaheim (365 homes), San Francisco (335 homes), San Diego (323 homes), Boston (158 homes), Denver (125 homes) and New York (109 homes).