If You’re Selling a Home in These U.S. Cities, You’ll Probably Get Way More Than Your Asking Price

If you’re thinking of selling a home in one of America’s big cities, now may be a hot time to do so. Home values are back into “bubble” territory, after three straight months of 7% gains in value, beginning in September 2017. The last time home prices were this high was before the real estate bubble burst in 2007 before The Great Recession.

In encouraging news for sellers, nearly one quarter of U.S. home sales in 2017 were for above the asking price. This is up 5% from 2012. On average, homes that sold above their list price went for $7,000 above the asking price, reflecting a 3.1% increase. This information was released in a recent report by Zillow, which listed the average median amount paid for a home over list price in the U.S. as $7,000.

Here are 15 cities where homes were sold for the highest amounts above asking price in 2017.

15. Sacramento

The housing market is hot in California’s capital city. | iStock/Getty Images

  • Median amount paid over list price: $9,000

If you sold a home in Sacramento in 2017, you likely received around 2.5% more than the asking price. This translated to $9,000. Almost a quarter of all homes sold in Sacramento in 2017 (24%) sold for above list price, up from 18% in 2012.

Next: A Florida market represents an opportunity for sellers.

14. Miami

Sellers did well in Miamai in 2017. |  iStock

  • Median amount paid over list price: $9,100

The market was good for Miami sellers in 2017, with the median amount paid over list price at $9,100, or 4.2%. While a strong 12% of homes in the city went for above asking price, it’s worth noting this number is down from 19% in 2012. Miami home prices did continue to rise in 2017, however. Homes in Miami Beach hit median values of $384,000.

Next: Everything’s big in Texas – even home selling prices.

13. Houston

Houston, Texas, USA

Hurricane Harvey affected housing prices in Houston. | Sean Pavone/iStock/Getty Images

  • Median amount paid over list price: $9,796

Houston’s housing market was affected by a number of factors in 2017, not the least of which was Hurricane Harvey. The storm’s devastation removed a sizable chunk of home inventory, which in turn boosted prices of available homes for sale. The median amount paid over asking price was 5%, or $9,796. The share of sales above list price for 2017 was 33%, up from 27% in 2012.

Next: A rosy picture for home sellers in this Rocky Mountain city

12. Denver

denver

Home prices are jumping in Denver. | Kevork Djansezian/Getty Images

  • Median amount paid over list price: $10,000

With home prices jumping 8% in Denver over the past year, now would be a great time to sell your home there. The numbers paint a rosy picture, with the median amount paid over list price at 3%, or $10,000, in 2017. The share of Denver home sales above list price for the year more than doubled to 40% since 2012.

Next: Home prices are soaring in this Pacific Northwest city. 

11. Portland

Portland

A great quality of life attracts buyers to Portland. | iStock/Getty Images

  • Median amount paid over list price: $10,100

Portland is known for having a high quality of life, attracting many homebuyers to the area. If you’re planning to sell your home in Portland, you’ll be happy to know prices are in bubble territory there. Zillow shows the median price is over $400,000, up 80% over five years. The median amount paid over list price was 3%, or $10,100. Shares of home sales above list price for 2017 were 41%, which more than doubled from 20% back in 2012. 

Next: Bubble or not, it’s a good time to sell in this sunny city.

10. San Diego

San Diego at night

Experts say San Diego’s housing market isn’t in a bubble. | iStock/Getty Images

  • Median amount paid over list price: $10,100

San Diego homes are indeed priced higher than average, compared with rents and incomes. However, it’s been argued the city’s home prices aren’t in a bubble, just yet. Either way, it’s a good time to sell your home there, with a chance of making $10,000 above asking price. The median amount paid over list price was 2% in 2017. Shares of home sales above list price for 2017 were 32%, up from 24% in 2012.

 Next: Another Texas town where home prices are surging

9. San Antonio

San Antonio, Texas

The median home value in San Antonio now tops $200,000. | Sean Pavone/iStock/Getty Images

  • Median amount paid over list price: $10,913

In the 2006 pre-recession heyday, San Antonio home values were at a median $141,000. Well, in 2017, that number was above $200,000 for the first time. If you’re looking to sell your San Antonio home, currently that would seem like a golden opportunity. The median amount paid over list price in 2017 was 6%, or $10,913. Shares of home sales above list price for 2017 were 42%, up from 39% in 2012.

Next: You could cash in as you get out of The Big Apple.

8. New York City

Aerial photo of New York City at night

There are always people eager to buy in the Big Apple. | Mario Tama/Getty Images

  • Median amount paid over list price: $12,000

If you’re looking to get out of The Big Apple, now might be as good a time as any, from a seller’s standpoint. This is especially true if you bought your home there around 2010 when prices had dropped. In the New York City metropolitan area, which includes northern New Jersey, the median amount paid over list price was 3%, or $12,000. Shares of home sales above list price for 2017 were 20%, up from just 7% in 2012.

Next: Another Texas town where homes are in demand

7. Dallas

Home values in Dallas have surged in the past decade. | Ronald Martinez/Getty Images

  • Median amount paid over list price: $12,023

From 2006 to 2016, the median home value in Dallas surged from $149,000 to $226,000. With employment up in the area, it’s an attractive place for homebuyers. If you were to put your Dallas home on the market, chances are you’d get above your asking price. The median amount paid over list price was 6%, or $12,023. Shares of home sales above list price for 2017 were 39%, up from 35% in 2012.

Next: California dreamers are paying more for homes.

6. Los Angeles

Downtown of Los Angeles

L.A. home prices have been on an upward trajectory. | Joe Klamar/AFP/Getty Images

  • Median amount paid over list price: $14,100

Los Angeles residents have witnessed a drastic uptick in home prices in the past decade. Formerly unpopular neighborhoods have transformed into sought-after places to live with bloated rents and listing prices. In fact, the market saw a 7.5% jump in home values in a recent year. The median amount paid over list price in 2017 was 3%, or $14,100. Shares of home sales above list price in 2017 were 38%, up from 27% in 2012.

Next: You’ll get extra beans for your home in Beantown.

5. Boston

Boston skyline in Massachusetts

Bidding wars are common in Boston. | iStock.com/movinggstill

  • Median amount paid over list price: $15,001

If you want to get thousands above the asking price for your Boston home, and maybe witness a bidding war or two, now might be the best time. Homes have shot up 6.7% in value in a single year. The median amount paid over list price was 4%, or $15,001. Shares of home sales above list price for 2017 were 41%, a number that tripled from 13% in 2012.

Next: An eclectic, sought-after Texas city

4. Austin

Austin Texas Reflections Lady Bird Lake

Austin is booming, and housing prices reflect that. | RoschetzkyIstockPhoto/iStock/Getty Images

  • Median amount paid over list price: $15,311

Those looking to move to one of the top 25 best cities for jobs in the nation will pay a pretty penny for homes in Austin. If you’re looking to unload your house there, chances are you’ll get more than you’re asking for it. The median amount paid over list price was 6%, or $15,311. Shares of home sales above list price in 2017 were 33%, down slightly from 36% in 2012.

Next: A northwestern city sets a sales record.

3. Seattle

The sun sets over the downtown business area of Seattle

More than half of homes sold in Seattle in 2017 went for above asking. | Mark Ralston/AFP/Getty Images

  • Median amount paid over list price: $20,100

Home sellers in Seattle would see a nice payout right about now. Over the past five years, the Pacific Northwest city saw the greatest increase in the share of sales that were above the asking price, from 20% of sales in 2012 to 52% in 2017. The median amount paid over list price was 5%, or $20,100. Sellers also enjoy a short amount of time on the market, where the average home sells in under 50 days.

Next: A Bay Area bubble?

2. San Francisco

San Francisco Panorama

It’s no surprise that housing is expensive in the Bay Area. | kropic/iStock/Getty Images

  • Median amount paid over list price: $41,000

If you live in the Bay Area and are looking to sell, there’s good news: San Francisco home values have gone up almost 13% over the past year, according to Zillow. The real estate website also predicts they will rise almost 6% within the next year. In addition, the average home is selling in under 50 days. Sellers cashed in on a median amount of $41,000, or 6%, over list price in 2017. Shares of home sales above list price for the year were 65%, up from 43% in 2012.

Next: The city where buyers paid the highest amount over list price

1. San Jose

San Jose

San Francisco’s neighbor to the south is one of hte hottest housing markets in the U.S.  | iStock

  • Median amount paid over list price: $62,000

If you’re considering a move from San Jose, you would likely make a tidy profit from selling at this time. People are flocking to the city for its quality of life and proximity to Silicon Valley. Buyers paid a staggering median amount of $62,000 over the list price for homes in 2017. And time-wise, the average San Jose home sells in less than 50 days.

Check out The Cheat Sheet on Facebook!

More Articles About:   ,  

More from The Cheat Sheet