New study reveals homes in Vallejo, California and Rochester, New York are being sold over list price more often than any other metro area in the US
- Two California cities top the list with a surprising newcomer, Rochester, New York, ranking third
- Key West, Florida, is the metro area selling the least homes over list price in the US—suggesting the southern may be over
The study conducted by relocation experts at Moving Feedback analyzed historical Zillow data for homes that sold at higher and lower prices than their original listing—and the results were fascinating.
The sales-to-list ratios of the properties were averaged for each studied metro area, revealing which properties were selling at the highest and lowest amounts compared to their original listing.
Vallejo, California and San Francisco topped the list, but Rochester, New York's greater metro area came in at a surprising number three.
This up-and-coming New York city boasts a still-affordable cost of living while quickly rising in terms of both demand and available services. Homes in Rochester sold on average at $181,242 and 1.11% over the original list price— around $20,449 above the asking price.
Residents report loving the four-seasons climate of Rochester, the neighborhood spirits throughout Monroe County, New York (thanks to holiday festivals, yards dotted with Halloween inflatables and top-rated schools) and easy access to other major metros in the North East.
Key West, Florida, is the metro area where homes sell the most under the asking price, on the other hand. There, homes sell for 0.95% less than the original asking price on average. Property in this area is listed for $925,997 but is sold for almost $44,000 less.
Some experts think the Florida housing boom could be headed for a much-awaited downturn as affordability and access plummets.
Naples, Florida, is the second area selling the most under the original list price, with homes in this area selling on average at 0.96% under the asking price. Homes in this metro area are listed at an average of around $619,782 but are sold at approximately $26,000 less. Florida also has four metro areas ranking as the areas in which homes are sold the most under the original asking price.
"Now is definitely a good time to invest in upstate and the far reaches of New York," shares Win Morrison Realtor, Yariv Hermon.
"Once you leave the New York City metro area, affordability is actually some of the best in the country. Plus, New York State has some of the nation's best schools, health care providers and public services. If you're looking to purchase a good-sized home in a safe area for under $400,000, heading north and west in New York is a good plan."
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