Where demand still burns hot
Not every market is cooling. California’s Bay Area continues to defy broader trends, driven by extreme housing scarcity and concentrated technology wealth.
There are only 0.76 homes available per 1,000 residents in San Jose and even fewer in San Francisco at 0.29, and despite list prices well above $1 million, more than 60% of homes in each of those two metros sell above the asking price.
San Francisco, despite a median list price above $1 million, saw the highest share of sales above asking price at 62%, while the broader California market still carries four of the top 10 fastest-selling metros in the country.
Affordable Northeast cities are driving fast sales for different reasons. Cities including Rochester, Buffalo, Albany, Lancaster, Harrisburg, and Allentown have a low inventory of homes listed below the national median that get snapped up by buyers priced out of more expensive coastal cities.
Nationally, 34% of homes are still off the market within two weeks, and approximately 23% of US homes sell above the asking price against a median listing price of $458,710, compared to 17% that see price reductions.