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.

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 have dipped slightly since, but 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. And sellers aren’t exactly coming down on price—nationally, home prices are still increasing, just more slowly than they did during the height of the pandemic. The median sale price in December was $403,714, which is 3.98% higher than the year before.

Despite these high prices, homes are still selling. The average price difference was -1.41% under asking. Some are even selling for more than the list price, as sellers continue to have the upper hand in these markets.

Stacker analyzed data from Redfin to see which metros had the most homes sold over the asking price. Metros include the main city as well as its surrounding towns and suburbs. Metros with fewer than 300 home sales in December 2023 are excluded from this list. The ranking’s basis is the average sale-to-list ratio, which is the difference between what a home listed for and how much a buyer actually paid. Also listed are the metro area’s median listing prices for homes on the market in December and median sale prices for homes that sold during that month.

Correction: An earlier version of this piece included incorrect language about the average price difference. The listings below have been updated.

Strike First // Shutterstock

#26. Los Angeles, California

– Average price difference: 0.01% over asking
— Median list price: $850,000
— Median sale price: $850,000
– Total homes sold: 3,569
— Share that sold above list: 42.5%

Erin Cadigan // Shutterstock

#25. Richmond, Virginia

– Average price difference: 0.20% over asking
— Median list price: $369,950
— Median sale price: $372,000
– Total homes sold: 1,339
— Share that sold above list: 38.2%

Christian Hinkle // Shutterstock

#24. Frederick, Maryland

– Average price difference: 0.27% over asking
— Median list price: $480,000
— Median sale price: $530,000
– Total homes sold: 841
— Share that sold above list: 35.4%

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#23. Allentown, Pennsylvania

– Average price difference: 0.29% over asking
— Median list price: $299,900
— Median sale price: $300,500
– Total homes sold: 658
— Share that sold above list: 43.6%

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#22. Rockingham County, New Hampshire

– Average price difference: 0.35% over asking
— Median list price: $529,949
— Median sale price: $504,950
– Total homes sold: 364
— Share that sold above list: 41.8%

Joseph Sohm // Shutterstock

#21. Portland, Maine

– Average price difference: 0.56% over asking
— Median list price: $479,000
— Median sale price: $465,000
– Total homes sold: 526
— Share that sold above list: 41.6%

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#20. Springfield, Massachusetts

– Average price difference: 0.57% over asking
— Median list price: $299,900
— Median sale price: $310,000
– Total homes sold: 473
— Share that sold above list: 47.8%

littlenySTOCK // Shutterstock

#19. Nassau County, New York

– Average price difference: 0.57% over asking
— Median list price: $643,000
— Median sale price: $647,888
– Total homes sold: 1,784
— Share that sold above list: 51.3%

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#18. New Brunswick, New Jersey

– Average price difference: 0.66% over asking
— Median list price: $475,000
— Median sale price: $492,000
– Total homes sold: 2,033
— Share that sold above list: 47.8%

Sean Pavone // Shutterstock

#17. Providence, Rhode Island

– Average price difference: 0.67% over asking
— Median list price: $439,900
— Median sale price: $450,000
– Total homes sold: 1,117
— Share that sold above list: 49.9%

Wangkun Jia // Shutterstock

#16. Albany, New York

– Average price difference: 0.74% over asking
— Median list price: $289,900
— Median sale price: $295,000
– Total homes sold: 733
— Share that sold above list: 48.2%

lunamarina // Shutterstock

#15. Boston, Massachusetts

– Average price difference: 0.76% over asking
— Median list price: $645,000
— Median sale price: $670,000
– Total homes sold: 2,648
— Share that sold above list: 48.3%

Pete Niesen // Shutterstock

#14. San Francisco, California

– Average price difference: 0.81% over asking
— Median list price: $1,200,000
— Median sale price: $1,295,000
– Total homes sold: 617
— Share that sold above list: 37.8%

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#13. Worcester, Massachusetts

– Average price difference: 0.96% over asking
— Median list price: $425,000
— Median sale price: $400,000
– Total homes sold: 779
— Share that sold above list: 54.4%

Wangkun Jia // Shutterstock

#12. Camden, New Jersey

– Average price difference: 0.96% over asking
— Median list price: $306,250
— Median sale price: $325,000
– Total homes sold: 1,087
— Share that sold above list: 48.7%

Sean Pavone // Shutterstock

#11. Manchester, New Hampshire

– Average price difference: 1.33% over asking
— Median list price: $400,000
— Median sale price: $455,000
– Total homes sold: 367
— Share that sold above list: 53.1%

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#10. New Haven, Connecticut

– Average price difference: 1.46% over asking
— Median list price: $330,000
— Median sale price: $329,950
– Total homes sold: 682
— Share that sold above list: 53.8%

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#9. Bridgeport, Connecticut

– Average price difference: 1.68% over asking
— Median list price: $500,000
— Median sale price: $550,000
– Total homes sold: 730
— Share that sold above list: 53.2%

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#8. Lancaster, Pennsylvania

– Average price difference: 1.73% over asking
— Median list price: $290,100
— Median sale price: $325,000
– Total homes sold: 435
— Share that sold above list: 39.5%

Uladzik Kryhin // Shutterstock

#7. San Jose, California

– Average price difference: 1.85% over asking
— Median list price: $1,266,975
— Median sale price: $1,400,000
– Total homes sold: 722
— Share that sold above list: 52.5%

MarynaG // Shutterstock

#6. Oakland, California

– Average price difference: 2.09% over asking
— Median list price: $849,000
— Median sale price: $865,000
– Total homes sold: 1,286
— Share that sold above list: 50.3%

Sean Pavone // Shutterstock

#5. Hartford, Connecticut

– Average price difference: 2.78% over asking
— Median list price: $299,900
— Median sale price: $329,900
– Total homes sold: 1,063
— Share that sold above list: 62.7%

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#4. Syracuse, New York

– Average price difference: 2.95% over asking
— Median list price: $199,900
— Median sale price: $210,000
– Total homes sold: 485
— Share that sold above list: 55.3%

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#3. Newark, New Jersey

– Average price difference: 3.40% over asking
— Median list price: $499,000
— Median sale price: $525,000
– Total homes sold: 1,517
— Share that sold above list: 61.3%

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#2. Buffalo, New York

– Average price difference: 3.91% over asking
— Median list price: $200,000
— Median sale price: $235,000
– Total homes sold: 948
— Share that sold above list: 61.2%

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#1. Rochester, New York

– Average price difference: 6.88% over asking
— Median list price: $165,000
— Median sale price: $232,000
– Total homes sold: 766
— Share that sold above list: 65.3%