The amount of homes in Philly that have sold above asking price has steadily increased over the past five years, thanks to a combination of dwindling housing inventory and high demand, according to a new report.
Zillow just released its latest analysis, revealing how many home sales were for more than the listed price across the country. The share of U.S. home sales that were above the listed price increased from 17.8 percent in 2012 to 24.1 percent in 2017.
In the Philadelphia metro, 16.8 percent of homes sold in 2017 for more than the asking price. That’s a hike up from 2012, when just 6.1 percent of homes sold above asking.
How much more did Philly homebuyers spend on their new homes last year? The median amount paid over the list price was 2.4 percent, or $5,100 more.
In West Philadelphia’s Spruce Hill neighborhood, for example, this Victorian home found a buyer within six days of hitting the market. It sold for $19,000 above the original $449,000 asking price.
But that’s nothing compared to what homebuyers forked over on the West Coast. Take San Jose, California, where they paid $62,000 over the asking price. Again, that’s the median amount.
Still, the Zillow report notes that while a quarter of U.S. home sales fetched top dollar and then some, the majority of homes for sale last year actually sold for less than asking price. About 66 percent of homes sold below asking, and another 10 percent sold for the original asking price.