NYC Suburbs and the Bay Area Are This Spring’s Most Competitive Housing Markets
Redfin reports more than half of homes are selling above asking price in Newark, San Francisco, San Jose and Nassau County
Homebuyers are battling for homes in New York City suburbs and the Bay Area, pushing up prices, according to a new report from Redfin, the real estate brokerage powered by Rocket.
Nearly three in five (57.6%) homes in Newark, NJ, sold above their original asking price in May, the highest share of the 50 most populous U.S. metros.
The Bay Area followed closely behind, with 57.3% of homes in San Francisco and 53.2% in San Jose selling above asking. Nassau County, NY rounds out the four metro areas where more than half of homes that sold in May went for above asking price (51.6%). A third Bay Area metro, Oakland, is number five, with 46% of homes selling over asking price.
