{"id":79035,"date":"2024-12-23T05:00:37","date_gmt":"2024-12-23T13:00:37","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79035"},"modified":"2024-12-20T14:03:28","modified_gmt":"2024-12-20T22:03:28","slug":"west-coast-home-sales-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/west-coast-home-sales-2024\/","title":{"rendered":"Home Sales Surge by Double Digits in Pricey West Coast Markets"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Home sales are up 28% year over year in Portland, OR\u2014the biggest gain of any major U.S. metro. Next come San Jose, Seattle and San Francisco, which also saw double-digit increases.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">In Portland, OR, home sales jumped 27.6% year over year in November\u2014the biggest increase among the 50 most populous U.S. metropolitan areas. It was followed by five other pricey West Coast metros: San Jose, CA (26.2%), Seattle (19.5%), San Francisco (17.7%), Sacramento, CA (17.6%) and San Diego (15.2%). By comparison, nationwide home sales rose just 4.8%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All of the aforementioned markets have median sale prices above the national median of $430,107.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Early-stage homebuying activity has been <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-tours-rise\/\"><span style=\"font-weight: 400;\">picking up<\/span><\/a><span style=\"font-weight: 400;\"> across the country since the election. But some West Coast markets may be gaining steam especially quickly in part because a shortage of homes for sale is keeping competition afloat.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New listings in Portland, for example, were down 20.3% from a year earlier in November\u2014a bigger decline than any other metro but Austin, TX. By comparison, nationwide new listings were down just 6.6%. New listings in Oakland, San Jose and Sacramento also fell more than they did nationwide.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;There&#8217;s low inventory, so if a house checks all the boxes, it&#8217;s selling very quickly with multiple offers,\u201d said Bay Area <\/span><a href=\"https:\/\/www.redfin.com\/premier\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/josh-felder\"><span style=\"font-weight: 400;\">Josh Felder<\/span><\/a><span style=\"font-weight: 400;\">. \u201cEven homes in the $1 million to $3 million range are getting five to seven offers if they are move-in ready and in the right neighborhood with the right schools\u2014and they can sell for anywhere between 10% and 14% over the asking price. There is a lot of money in Silicon Valley. You\u2019d think there would be a finite supply of people who have $3.5-$5 million dollars for a home, but apparently not. They just keep coming.\u201d<\/span><\/p>\n<h3>Over Half of Homes in the Bay Area Are Selling for More Than Their Asking Price<\/h3>\n<p><span style=\"font-weight: 400;\">The Bay Area\u2014the most expensive housing market in the country\u2014is also home to three of the five U.S. metropolitan areas where houses are most likely to sell for more than their asking price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In San Jose, 58.6% of homes that sold in November went for above their list price\u2014the highest among the 50 most populous U.S. metros in Redfin\u2019s analysis aside from Newark, NJ (64.8%). In third place is Nassau County, NY (54.1%), followed by two other Bay Area metros: Oakland (53.6%) and San Francisco (52.9%). In both San Jose and San Francisco, the share of homes selling above their list price was at the highest level for November since 2021, and in Newark and Nassau County, it was at the highest level for any November on record. Nationwide, just over one-quarter (26.6%) of homes that sold during November went for more than their list price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">San Jose and San Francisco are the most expensive housing markets in the country, both with median sale prices of $1.5 million.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sales are up 28% year over year in Portland, OR\u2014the biggest gain of any major U.S. metro. Next come San Jose, Seattle and San Francisco, which also saw double-digit increases. In Portland, OR, home sales jumped 27.6% year over year in November\u2014the biggest increase among the 50 most populous U.S. metropolitan areas. It was [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":79036,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[20,700,646,647],"dashboard":[],"coauthors":[125],"class_list":["post-79035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-affordability","tag-portland-or","tag-san-francisco-ca","tag-seattle-wa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Home Sales Surge by Double Digits in Pricey West Coast Markets<\/title>\n<meta name=\"description\" content=\"Home sales are up 28% year over year in Portland, OR\u2014the biggest gain of any major U.S. metro. 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