Over/Under List Price: A Ten-Year Trend Analysis

The housing market is dynamic, with shifts in supply and demand constantly influencing sale prices. Let’s take a closer look at home sales over and under list prices for the past decade.

Key Insights from the Data:

  • Rising Over-List Sales: The percentage of homes selling over list price has steadily climbed over the last 10 years, indicating a strengthening seller’s market. In 2014, only 12% of homes sold over list, compared to 67% in 2023.
  • Peak Over-List Sales in 2021: The year 2021 saw the highest number of homes selling over list price, with 165 residences surpassing their initial asking price.
  • Declining Under-List Sales: Conversely, homes selling under list price have become less common. In 2015, 257 homes sold under list, while in 2023, that number dropped to 62.
  • Consistent List-Price Sales: Homes selling for exactly list price have remained relatively consistent, hovering around 30-50 homes annually.

Possible Explanations:

  • Increased Demand: Factors like low interest rates (before 2023), a growing population, and limited housing inventory could contribute to the rise in over-list sales.
  • Competitive Pricing Strategies: Sellers may be strategically pricing their homes to attract multiple offers and drive up prices.
  • Changing Market Dynamics: Economic conditions, buyer preferences, and regional trends can all influence the balance between over-list and under-list sales.

The housing market is fluid, and these trends may not hold indefinitely. It’s essential to informed decisions based on your specific needs and goals.

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