Redfin: Competition Increased the Most in Bay Area, New York in February

(Image courtesy of Redfin; Breakout image courtesy of Gene Samit/pexels.com)

Redfin, Seattle, found that eight of the 50 most populous metropolitan areas saw an increase in the share of homes that sold for above their original list price in February.

Half of those were in either the Bay Area or New York.

Topping the list of biggest jumps is San Francisco, where 57.2% of homes that sold went for more than their original list price, up 7.5 percentage points year-over-year.

Nassau County, N.Y., was up by 4.4 percentage points, San Jose, Calif., was up by 3.5 percentage points, Milwaukee was up by 2.7 percentage points, San Antonio was up by 2.4 percentage points, New York was up by 2.2 percentage points, Portland, Ore., was up by 1.4 percentage points and Philadelphia was up by 0.8 percentage point.

San Jose tops the list of metros where the largest overall number of homes sold for more than the asking price, at 67.1%, followed by Oakland, at 57.7%, San Francisco, at 57.2%, and Newark, N.J., at 53.5%.

Nationwide, 20.5% of homes sold for above their original list price in February, compared with 22.8% at this time in 2024. But, 64.2% sold for less than their original list price, up from 60.9% in February 2024. And, 15.4% sold for their original list price, compared with 16.3% a year earlier.

West Palm Beach, Fla., saw the largest share of homes sell below their original list price, at 88.2%, followed by Fort Lauderdale, Fla., at 85.7%, Miami, at 83.7%, San Antonio, at 81.2%, and Austin, Texas, at 80.2%.

In San Diego, 51.2% of homes that sold in the month went for less than the original list price, up 8.9 percentage points year-over-year and representing the largest jump among the top 50 metro areas. Also seeing significant increases on that metric were Anaheim, Calif., up by 8.7 percentage points, Charlotte, N.C., up by 7.3 percentage points, Atlanta, up by 7.3 percentage points and Sacramento, Calif., up by 6.8 percentage points.