Metros where homes are selling for the most over asking price

It’s a tough time to be in the market for a new house. As peak homebuying season is underway, homebuyers are competing for a smaller number of homes, sending prices higher.

The median sale price in May was $439,716, a new record and 5.1% higher than the year before. Of homes that sold, 35% went for above the list price, and the average price difference was -0.1% below asking.

The average 30-year fixed-rate mortgage rose above 7% at the start of November 2022, the highest level in more than a decade, as the Federal Reserve raised its benchmark rates to combat inflation. Rates remain at historic highs. Even a half of a percentage point change can significantly affect the monthly payments required for a mortgage.

Since mortgage rates were under 4% for the better part of the past decade, many homebuyers locked in far more affordable rates than what’s on offer in today’s environment. However, there are some places where buyers are starting to have the upper hand, especially in markets that have recorded considerable price growth over the last few years.

Stacker analyzed data from Redfin to see which where homes sold for the most over the asking price. Metros, which include the main city and its surrounding town and suburbs, are ranked on the average sale-to-list ratio, which is the difference between what a home is listed for and how much a buyer paid. Metros with fewer than 300 home sales are excluded from this list. Also shown are the metro area’s median listing prices for homes on the market and median sale prices for homes that sold during that month.

You may also like: Dual-income couples without kids make nearly 7% more than dual-income couples with kids — but DINKs are less likely to own a home. Here’s why and what it means

Michael Heimlich // Shutterstock

#50. Lake County, Illinois

– Average price difference: 0.76% over asking
— Median list price: $375,000
— Median sale price: $358,811
– Total homes sold: 980
— Share that sold above list: 52.2%

Canva

#49. Tacoma, Washington

– Average price difference: 0.77% over asking
— Median list price: $591,250
— Median sale price: $560,000
– Total homes sold: 1,011
— Share that sold above list: 44.1%

ostreetphotography // Shutterstock

#48. Minneapolis, Minnesota

– Average price difference: 0.78% over asking
— Median list price: $399,999
— Median sale price: $386,657
– Total homes sold: 4,642
— Share that sold above list: 44.3%

Sean Pavone // Shutterstock

#47. Columbus, Ohio

– Average price difference: 0.82% over asking
— Median list price: $350,000
— Median sale price: $347,000
– Total homes sold: 2,642
— Share that sold above list: 45.3%

Joe Hendrickson // Shutterstock

#46. St. Louis, Missouri

– Average price difference: 0.95% over asking
— Median list price: $279,000
— Median sale price: $268,000
– Total homes sold: 3,423
— Share that sold above list: 47.8%

You may also like: Millennials own less than half the real estate wealth of boomers—can they catch up?

Real Window Creative // Shutterstock

#45. Harrisburg, Pennsylvania

– Average price difference: 1.04% over asking
— Median list price: $290,000
— Median sale price: $280,000
– Total homes sold: 627
— Share that sold above list: 46.3%

f11photo // Shutterstock

#44. Baltimore, Maryland

– Average price difference: 1.07% over asking
— Median list price: $399,900
— Median sale price: $399,000
– Total homes sold: 3,258
— Share that sold above list: 49.5%

Jacob Boomsma // Shutterstock

#43. Warren, Michigan

– Average price difference: 1.08% over asking
— Median list price: $334,900
— Median sale price: $315,750
– Total homes sold: 2,871
— Share that sold above list: 51.7%

Canva

#42. Reading, Pennsylvania

– Average price difference: 1.12% over asking
— Median list price: $289,900
— Median sale price: $280,000
– Total homes sold: 414
— Share that sold above list: 46.9%

ImagineerInc // Shutterstock

#41. Charlottesville, Virginia

– Average price difference: 1.18% over asking
— Median list price: $506,427
— Median sale price: $480,000
– Total homes sold: 317
— Share that sold above list: 45.1%

You may also like: Boomers are hoarding all the houses

littlenySTOCK // Shutterstock

#40. Nassau County, New York

– Average price difference: 1.21% over asking
— Median list price: $724,444
— Median sale price: $685,000
– Total homes sold: 1,812
— Share that sold above list: 53.1%

Cheri Alguire // Shutterstock

#39. Rockford, Illinois

– Average price difference: 1.28% over asking
— Median list price: $190,000
— Median sale price: $186,500
– Total homes sold: 343
— Share that sold above list: 51%

Strike First // Shutterstock

#38. Los Angeles, California

– Average price difference: 1.3% over asking
— Median list price: $979,994
— Median sale price: $908,000
– Total homes sold: 4,754
— Share that sold above list: 52%

Canva

#37. Lansing, Michigan

– Average price difference: 1.35% over asking
— Median list price: $230,000
— Median sale price: $230,000
– Total homes sold: 608
— Share that sold above list: 50.3%

trekandshoot // Shutterstock

#36. Santa Rosa, California

– Average price difference: 1.41% over asking
— Median list price: $816,000
— Median sale price: $825,500
– Total homes sold: 392
— Share that sold above list: 49.7%

You may also like: Healthy competition: Ranking the 25 largest home insurers in the US

Canva

#35. Anaheim, California

– Average price difference: 1.54% over asking
— Median list price: $1,200,000
— Median sale price: $1,205,000
– Total homes sold: 2,161
— Share that sold above list: 52.9%

Orhan Cam // Shutterstock

#34. Washington DC

– Average price difference: 1.6% over asking
— Median list price: $590,000
— Median sale price: $590,000
– Total homes sold: 5,532
— Share that sold above list: 52.5%

Canva

#33. Elgin, Illinois

– Average price difference: 1.6% over asking
— Median list price: $370,000
— Median sale price: $362,527
– Total homes sold: 872
— Share that sold above list: 53.8%

Canva

#32. Portland, Maine

– Average price difference: 1.63% over asking
— Median list price: $550,000
— Median sale price: $519,900
– Total homes sold: 639
— Share that sold above list: 49.6%

Canva

#31. Green Bay, Wisconsin

– Average price difference: 1.72% over asking
— Median list price: $349,900
— Median sale price: $305,500
– Total homes sold: 330
— Share that sold above list: 55.8%

You may also like: Which U.S. cities are best for first-time homebuyers?

Canva

#30. Allentown, Pennsylvania

– Average price difference: 1.72% over asking
— Median list price: $347,500
— Median sale price: $330,000
– Total homes sold: 812
— Share that sold above list: 53.8%

Erin Cadigan // Shutterstock

#29. Richmond, Virginia

– Average price difference: 1.92% over asking
— Median list price: $412,000
— Median sale price: $400,000
– Total homes sold: 1,716
— Share that sold above list: 51.9%

Canva

#28. Rockingham County, New Hampshire

– Average price difference: 2.01% over asking
— Median list price: $600,000
— Median sale price: $575,000
– Total homes sold: 513
— Share that sold above list: 58.3%

Canva

#27. Lancaster, Pennsylvania

– Average price difference: 2.03% over asking
— Median list price: $334,590
— Median sale price: $326,000
– Total homes sold: 387
— Share that sold above list: 42.9%

Canva

#26. Grand Rapids, Michigan

– Average price difference: 2.27% over asking
— Median list price: $349,900
— Median sale price: $340,000
– Total homes sold: 1,146
— Share that sold above list: 51.7%

You may also like: The state of the American homeowner: Average US mortgage balance increased while their credit scores outpace overall average

kan_khampanya // Shutterstock

#25. Seattle, Washington

– Average price difference: 2.31% over asking
— Median list price: $869,000
— Median sale price: $860,000
– Total homes sold: 3,526
— Share that sold above list: 47.8%

Delmas Lehman // Shutterstock

#24. Montgomery County, Pennsylvania

– Average price difference: 2.35% over asking
— Median list price: $510,000
— Median sale price: $485,000
– Total homes sold: 1,844
— Share that sold above list: 56.1%

Tony Savino // Shutterstock

#23. Milwaukee, Wisconsin

– Average price difference: 2.35% over asking
— Median list price: $350,000
— Median sale price: $337,000
– Total homes sold: 1,715
— Share that sold above list: 57.9%

Sean Pavone // Shutterstock

#22. Providence, Rhode Island

– Average price difference: 2.36% over asking
— Median list price: $519,000
— Median sale price: $475,000
– Total homes sold: 1,316
— Share that sold above list: 60.6%

Canva

#21. New Brunswick, New Jersey

– Average price difference: 2.5% over asking
— Median list price: $575,000
— Median sale price: $535,000
– Total homes sold: 2,420
— Share that sold above list: 56.1%

You may also like: Owning a home in these cities may not be worth it

Wangkun Jia // Shutterstock

#20. Albany, New York

– Average price difference: 2.53% over asking
— Median list price: $335,000
— Median sale price: $325,000
– Total homes sold: 739
— Share that sold above list: 58.3%

Paul Brady Photography // Shutterstock

#19. Ann Arbor, Michigan

– Average price difference: 2.57% over asking
— Median list price: $437,450
— Median sale price: $430,000
– Total homes sold: 381
— Share that sold above list: 55.1%

marchello74 // Shutterstock

#18. Madison, Wisconsin

– Average price difference: 2.59% over asking
— Median list price: $429,900
— Median sale price: $424,200
– Total homes sold: 789
— Share that sold above list: 53.6%

Wangkun Jia // Shutterstock

#17. Camden, New Jersey

– Average price difference: 2.66% over asking
— Median list price: $364,450
— Median sale price: $350,000
– Total homes sold: 1,248
— Share that sold above list: 62.8%

Christian Hinkle // Shutterstock

#16. Frederick, Maryland

– Average price difference: 2.82% over asking
— Median list price: $599,000
— Median sale price: $615,000
– Total homes sold: 1,368
— Share that sold above list: 57.7%

You may also like: Here are two ways to use your home’s equity to increase its value

Canva

#15. Worcester, Massachusetts

– Average price difference: 2.82% over asking
— Median list price: $479,949
— Median sale price: $447,000
– Total homes sold: 847
— Share that sold above list: 64.7%

Canva

#14. New Haven, Connecticut

– Average price difference: 3.12% over asking
— Median list price: $374,900
— Median sale price: $355,000
– Total homes sold: 724
— Share that sold above list: 64.5%

lunamarina // Shutterstock

#13. Boston, Massachusetts

– Average price difference: 3.38% over asking
— Median list price: $775,000
— Median sale price: $735,000
– Total homes sold: 3,574
— Share that sold above list: 63.3%

Canva

#12. Springfield, Massachusetts

– Average price difference: 3.39% over asking
— Median list price: $349,900
— Median sale price: $345,000
– Total homes sold: 509
— Share that sold above list: 67.6%

Canva

#11. Bridgeport, Connecticut

– Average price difference: 3.55% over asking
— Median list price: $737,450
— Median sale price: $623,500
– Total homes sold: 816
— Share that sold above list: 60.8%

You may also like: Attention first-time homebuyers: These 10 metro areas have the best markets

Sean Pavone // Shutterstock

#10. Manchester, New Hampshire

– Average price difference: 3.91% over asking
— Median list price: $522,400
— Median sale price: $511,750
– Total homes sold: 390
— Share that sold above list: 72.3%

Christopher Boswell // Shutterstock

#9. Trenton, New Jersey

– Average price difference: 4.33% over asking
— Median list price: $427,000
— Median sale price: $425,000
– Total homes sold: 302
— Share that sold above list: 67.2%

Canva

#8. Syracuse, New York

– Average price difference: 4.8% over asking
— Median list price: $239,900
— Median sale price: $225,000
– Total homes sold: 462
— Share that sold above list: 60.8%

Sean Pavone // Shutterstock

#7. Hartford, Connecticut

– Average price difference: 5.29% over asking
— Median list price: $379,900
— Median sale price: $355,000
– Total homes sold: 995
— Share that sold above list: 71.4%

MarynaG // Shutterstock

#6. Oakland, California

– Average price difference: 5.46% over asking
— Median list price: $958,000
— Median sale price: $1,053,500
– Total homes sold: 2,098
— Share that sold above list: 68.4%

You may also like: Should I pay off my mortgage early? Here’s the truth about speeding up payments

Canva

#5. Newark, New Jersey

– Average price difference: 5.92% over asking
— Median list price: $599,900
— Median sale price: $600,000
– Total homes sold: 1,740
— Share that sold above list: 68.2%

Canva

#4. Buffalo, New York

– Average price difference: 6.32% over asking
— Median list price: $249,999
— Median sale price: $250,000
– Total homes sold: 720
— Share that sold above list: 65.3%

Pete Niesen // Shutterstock

#3. San Francisco, California

– Average price difference: 6.34% over asking
— Median list price: $1,465,000
— Median sale price: $1,557,500
– Total homes sold: 996
— Share that sold above list: 64.5%

Uladzik Kryhin // Shutterstock

#2. San Jose, California

– Average price difference: 7.21% over asking
— Median list price: $1,499,000
— Median sale price: $1,650,000
– Total homes sold: 1,406
— Share that sold above list: 76.1%

Canva

#1. Rochester, New York

– Average price difference: 14.72% over asking
— Median list price: $224,900
— Median sale price: $253,375
– Total homes sold: 752
— Share that sold above list: 77.1%

You may also like: The number of cost-burdened renters has hit an all-time high