Zillow Q2: 50 Largest US Metros by No. of Homes Sold for $1M & $500K Above Asking

[dimondpark]

Kudos to Houston homebuyers. Houston is the largest metro where no homebuyers had to fork over either amount above asking in Q2. We in the Bay Area are green with envy.

Number of Homes Sold For $1 Million+ Above Asking Price, Q2 2021
36 San Francisco
20 Miami
17 Los Angeles
12 San Jose
7 Phoenix
5 Nashville
4 Seattle
3 Boston
3 Riverside
3 San Diego
2 Washington DC
1 Atlanta
1 Balitmore
1 Columbus
1 Dallas
1 Denver
1 Indianapolis
1 Kansas City
1 Minneapolis
1 Orlando
1 Philadelphia
1 Providence
1 Raleigh
0 Austin
0 Birmingham
0 Buffalo
0 Charlotte
0 Chicago
0 Cincinnati
0 Cleveland
0 Detroit
0 Hartford
0 Houston
0 Jacksonville
0 Las Vegas
0 Louisville
0 Memphis
0 Milwaukee
0 New Orleans
0 New York
0 Oklahoma City
0 Pittsburgh
0 Portland
0 Richmond
0 Sacramento
0 St Louis
0 Salt Lake City
0 San Antonio
0 Tampa
0 Virginia Beach

Number of Homes Sold for $500,000+ Above Asking Price, Q2 2021
657 San Francisco
283 San Jose
99 Los Angeles
88 Seattle
74 Miami
31 Phoenix
28 New York
27 San Diego
21 Boston
18 Austin
15 Nashville
13 Washington DC
10 Denver
10 Riverside
8 Tampa
5 Chicago
5 Las Vegas
4 Detroit
4 Orlando
3 Charlotte
3 Dallas
3 Jacksonville
2 Philadelphia
3 Portland
3 Sacramento
3 Salt Lake City
2 Baltimore
2 Birmingham
2 Minneapolis
1 Columbus
1 Indianapolis
1 Kansas City
1 Milwaukee
1 Raleigh
0 Buffalo
0 Hartford
0 Houston
0 Louisville
0 Memphis
0 New Orleans
0 Oklahoma CIty
0 Pittsburgh
0 Richmond
0 Virginia Beach

https://www.zillow.com/research/shar...doubles-29974/

[craigs]

Gross. We need more housing built ASAP.

[Camelback]

Phoenix RE was on fire all year and really over the last 4-5 years.

I will say this, it appears to be slowing down a little now that kids are back in school.

[JMKeynes]

In terms of price per square foot, SF is cheap compared to Manhattan. Most properties seem to be around $1,000-$2,000/sf.

The Silicon Valley suburban areas are very expensive because they seem to average $1k/sf, whereas upscale burbs in the NYC area (e.g., Scarsdale, Bronxville, Greenwich, CT, Alpine, NJ, etc.) seem to average about $650/sf.

[TexasPlaya]

5 homes in Nashville sold for over a $million of asking price, that's insane.

[TexasPlaya]

[WSJ$$$] Austin Is Capital of Homes Selling at Super Premiums
Texas city’s job growth and cultural appeal attracting buyers ready to pay $100,000 or more above asking price

AUSTIN, Texas—A homebuying frenzy is gripping much of the U.S., but Austin takes the prize for the biggest increase in homes selling well above the asking price.

Nearly 2,700 homes in the Texas capital have sold this year for $100,000 or more above their initial listing price, according to an analysis by Redfin Corp. that examined sales through Aug. 11. While a few other U.S. cities have had more properties sell at that premium to the asking price, none have experienced as big a percent rise in homes transacting at that lofty an increase, Redfin said.

“As a consumer, it seems scary to be in a housing market where the home you’re looking at [is] priced at $400,000, then, when you go to put in an offer, you realize the true price is $500,000,” Redfin chief economist Daryl Fairweather said.

The number of homes sold year-over-year for at least $100,000 over asking price has grown nearly 10-fold in Seattle, and fivefold in Oakland, according to Redfin. In Austin, that figure grew by 57 times the number for last year at this time....

I really screwed up by not being more decisive and buying a townhome a few years ago. I didn't know if I wanted to stay in Austin... but I ended up staying and renting as prices quickly became out of reach.

[sopas ej]

Originally Posted by craigs

Gross. We need more housing built ASAP.

I agree. These are the assholes that are keeping the prices inflated, because they're actually willing to pay and do pay way above what the house is worth.

[iheartthed]

Is there a way to see the properties that were sold above asking? Or a map?

[Obadno]

The amount of Home and apartment construction in Phoenix is insane and prices have still been skyrocketing.

I think we are undercounted by 100k+ in the census

[dimondpark]

Originally Posted by JMKeynes

In terms of price per square foot, SF is cheap compared to Manhattan. Most properties seem to be around $1,000-$2,000/sf.

The Silicon Valley suburban areas are very expensive because they seem to average $1k/sf, whereas upscale burbs in the NYC area (e.g., Scarsdale, Bronxville, Greenwich, CT, Alpine, NJ, etc.) seem to average about $650/sf.

Generally, homes at the highest price range, like $10M+ for example, are not usually homes that sell above asking in my experience.

Around here it's more likely a home like this:

593 Sleeper Ave in Mountain View, CA was listed at $4,498,000 on April 22, according to Compass.


It sold for $5,477,000.

[Crawford]

The prices on the Peninsula are insanity. That looks like a normal upper middle class home in most of America, affordable to normal professionals.

[JManc]

Originally Posted by TexasPlaya

[WSJ$$$] Austin Is Capital of Homes Selling at Super Premiums
Texas city’s job growth and cultural appeal attracting buyers ready to pay $100,000 or more above asking price



I really screwed up by not being more decisive and buying a townhome a few years ago. I didn't know if I wanted to stay in Austin... but I ended up staying and renting as prices quickly became out of reach.

Property taxes in Austin have to be INSANE right about now.

[JMKeynes]

Originally Posted by dimondpark

Generally, homes at the highest price range, like $10M+ for example, are not usually homes that sell above asking in my experience.

Around here it's more likely a home like this:

593 Sleeper Ave in Mountain View, CA was listed at $4,498,000 on April 22, according to Compass.


It sold for $5,477,000.

That’s what I’m saying. The City of SF seems to be quite a bit cheaper than Manhattan, but suburban areas in SV are more expensive on price per square foot than suburban NY properties.

[iheartthed]

Originally Posted by JMKeynes

That’s what I’m saying. The City of SF seems to be quite a bit cheaper than Manhattan, but suburban areas in SV are more expensive on price per square foot than suburban NY properties.

Yeah, last I checked Manhattan was still about 2x SF's price per square foot. Even north Brooklyn is probably at least as expensive as SF. But suburban NY is nowhere near as expensive as suburban Bay Area.

[dimondpark]

Yes, Bay Area home buyers get beaten to a pulp in the suburbs.

Median Sold Price, National Association of Realtors, August 2021

Tri-State Area
New York County.....$1,100,000...$1,400 per sq ft.
Kings County..............$839,800......$722 per sq ft.
Queens County...........$705,500......$538 per sq.ft.
Nassau County...........$655,000......$397 per sq ft.
Fairfield County(CT)...$649,900......$273 per sq. ft.
Richmond County.......$620,000......$381 per sq. ft.
Westchester County...$600,000......$334 per sq. ft.
Bergen County(NJ)....$587,000......$299 per sq. ft.
Suffolk County............$535,000......$322 per sq ft.
Hudson County(NJ)...$507,500......$551 per sq. ft
Bronx County..............$499,500......$337 per sq.ft.
Rockland County........$370,000......$266 per sq ft.

Bay Area:
San Mateo County......$1,700,000.....$933 per sq. ft.
Marin County..............$1,500,000.....$733 per sq. ft.
San Francisco County.$1,500,000...$1,000 per sq ft.
Santa Clara County.....$1,400,000.....$795 per sq. ft.
Alameda County.........$1,100,000.....$630 per sq. ft.
Santa Cruz County......$1,100,000.....$653 per sq ft.
Napa County.................$890,500......$582 per sq. ft.
Contra Costa County.....$850,000......$484 per sq. ft.
Sonoma County.............$737,000......$453 per sq ft.
Solano County...............$575,000......$329 per sq ft.

Hence these 4 Central Valley counties have been absorbed into the Bay Area Combined Statistical Area:

San Benito County........$775,000......$401 per sq. ft.
San Joaquin County.....$506,000.......$289 per sq ft.
Stanislaus County........$426,500.......$263 per sq ft.
Merced County.............$382,000......$226 per sq ft

Merced^ is 143 miles from Downtown San Francisco or 115 miles to Downtown San Jose.

[JMKeynes]

That $1,400/sf figure for Manhattan includes vast areas of Harlem and Washington Heights. The vast areas of Manhattan where people live are very hard to find condos less than $2,000/sf. Nice condos are $4k/sf and up.

Manhattan is the most expensive place in America by far.

[austlar1]

Click the link to get a bit deeper in the weeds. The list of cities where homes sold for over 30% above asking price is perhaps the most informative. It's the column all way to the right. It looks like overall bidding is predictably high in SF (7.4%), Austin (5.3%), Phoenix, San Jose, and Seattle, but there are some strange high fliers on the list. Buffalo, Memphis, and Milwaukee would certainly seem to be unexpected entries, yet they are all posting impressive numbers. https://www.zillow.com/research/shar...doubles-29974/

[JMKeynes]

https://www.google.com/amp/s/www.cnb...quare-foo.html

Manhattan real estate is the most expensive in the US per square foot with some properties topping $10,000: Study
PUBLISHED SAT, AUG 11 2018 1:16 PM EDT
UPDATED SAT, AUG 11 2018 3:50 PM EDT
Catherine Clifford

Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows.

[dimondpark]

Originally Posted by JMKeynes

https://www.google.com/amp/s/www.cnb...quare-foo.html

Manhattan real estate is the most expensive in the US per square foot with some properties topping $10,000: Study
PUBLISHED SAT, AUG 11 2018 1:16 PM EDT
UPDATED SAT, AUG 11 2018 3:50 PM EDT
Catherine Clifford

Move over San Francisco — the Big Apple tops Silicon Valley as most expensive place to live in the United States, a new study shows.

Again, you bring up the top end of the market and no one is arguing with you, in fact it's widely known that Manhattan is the most expensive per sq ft.

I don't recall SF ever being more per sq ft than Manhattan for residential real estate so your article is wrong to suggest that somehow New York suddenly supplanted SF, no, Manhattan has always been more expensive psf than SF.

From your article:
"Manhattan real estate is an average of $1,773 per square foot, according to NeighborhoodX. The next most expensive area on a per square foot basis is San Francisco, which averages $902 per square foot. That’s followed by Boston at $586 per square foot, Washington D.C. at $515 and Miami Beach at $504..."

Furthermore, this thread is about homes selling for $1M+ and/or $500K+ above asking, and in both regards, SF tops NY by quite a wide margin. I guess we just have more folks fighting over a much smaller inventory.

This is nothing to celebrate btw, and if I come across that way, understand that this is not good news.

[Manitopiaaa]

Originally Posted by dimondpark

Yes, Bay Area home buyers get beaten to a pulp in the suburbs.

Median Sold Price, National Association of Realtors, August 2021

Tri-State Area
New York County.....$1,100,000...$1,400 per sq ft.
Kings County..............$839,800......$722 per sq ft.
Queens County...........$705,500......$538 per sq.ft.
Nassau County...........$655,000......$397 per sq ft.
Fairfield County(CT)...$649,900......$273 per sq. ft.
Richmond County.......$620,000......$381 per sq. ft.
Westchester County...$600,000......$334 per sq. ft.
Bergen County(NJ)....$587,000......$299 per sq. ft.
Suffolk County............$535,000......$322 per sq ft.
Hudson County(NJ)...$507,500......$551 per sq. ft
Bronx County..............$499,500......$337 per sq.ft.
Rockland County........$370,000......$266 per sq ft.

Bay Area:
San Mateo County......$1,700,000.....$933 per sq. ft.
Marin County..............$1,500,000.....$733 per sq. ft.
San Francisco County.$1,500,000...$1,000 per sq ft.
Santa Clara County.....$1,400,000.....$795 per sq. ft.
Alameda County.........$1,100,000.....$630 per sq. ft.
Santa Cruz County......$1,100,000.....$653 per sq ft.
Napa County.................$890,500......$582 per sq. ft.
Contra Costa County.....$850,000......$484 per sq. ft.
Sonoma County.............$737,000......$453 per sq ft.
Solano County...............$575,000......$329 per sq ft.

Hence these 4 Central Valley counties have been absorbed into the Bay Area Combined Statistical Area:

San Benito County........$775,000......$401 per sq. ft.
San Joaquin County.....$506,000.......$289 per sq ft.
Stanislaus County........$426,500.......$263 per sq ft.
Merced County.............$382,000......$226 per sq ft

Merced^ is 143 miles from Downtown San Francisco or 115 miles to Downtown San Jose.

Westchester seems crazy cheap looking at this. Is it just older housing stock leading to lower prices? Higher property taxes?

A suburban county full of old money wealth (the Clintons live here), natural beauty (Hudson Valley) and hiking (Bear Mountain), mass transit to NYC and large homes should be worth far more. Especially since you don't have the undeserved New Jersey stigma: https://www.youtube.com/watch?v=dxirs7VGrGU