This is a home sold in Mount Lebanon, Pa., on Tuesday, Sept. 21, 2021. Would-be homeowners are increasingly opting to pay sellers more than their asking price in hopes of edging out rivals as heightened competition for few homes on the market fuels bidding wars. About 52% of U.S. homes sold in January 2022, fetched more than their list price, up from 40.2% a year earlier, according to data from Redfin, a national real estate brokerage.
It was the greatest share of homes sold above asking price ever recorded by Redfin, in data going back to February 2012. These bidding wars are pushing home prices higher. The median home price jumped 15.4% in January from a year earlier to $350,300, according to the National Association of Realtors. The dynamic has made it more likely that a home for sale will receive multiple offers. In January, 70% of offers put in by Redfin agents on behalf of clients were on homes that received bids from multiple would-be buyers, the brokerage said.Some 5,897 homes in 50 of the biggest U.S. metropolitan areas by population have sold this year for at least $100,000 above their listed price, more than double a year ago, according to a report by Redfin this week.