Where houses are selling for the most over asking price in America right now

"It's a tough time to be in the market for a new house.

The average 30-year fixed rate mortgage rose above 7% at the start of November 2022, the highest level in more than a decade, as the Federal Reserve raised its benchmark rates to combat inflation. After dipping slightly since then, rates have surpassed 7% once again. Even a half of a percentage point change can significantly affect the monthly payments required for a mortgage.

Since mortgage rates were under 4% for the better part of the past decade, many homebuyers locked in far more affordable rates than what's on offer in today's environment. And sellers aren't exactly coming down on price—home prices are still increasing, just more slowly than they did during the height of the pandemic. The median sale price in October was $413,874, according to Redfin, 3.5% higher than the year before.

Despite these high prices, homes are still selling, even if slowly. Some are even selling for more than the list price, as sellers continue to have the upper hand in these markets.

Stacker analyzed data from Redfin to see which metros had the most homes sold over the asking price. Data shows sales for October 2023. Metros with fewer than 300 home sales are excluded from this list. Metro areas are ranked on the average sale-to-list ratio, which is the difference between what a home listed for and how much a buyer actually paid. Also listed are the metro area's median listing prices for homes on the market in October and median sale prices for homes that sold during that month."