Sellers have benefitted immensely from the rebound in homebuying that has occurred in the wake of the pandemic. Across the United States, dozens upon dozens of major housing markets have tipped heavily in favor of sellers, with inventories of available homes for sale declining all over. As a result, sales prices have begun to surge above list prices in nearly every major city. Using data from Redfin, including sales-to-list price ratios from May 2020 and May 2021, as well as the percentage of homes that went off the market within two weeks, we’ve determined which cities have become the ultimate seller’s markets in 2021. Read on to find out the 10 cities where sellers are most reaping the rewards of pent-up demand for houses.
1. Oakland, California
Oakland is no stranger to big demand for housing, but six months into 2021, this city has now reached a new level of frenzy. Last May, the sales-to-list price in the Oakland metro area was 101.2%, and thus, buyers were already paying more for homes than they were listed for. However, by the end of May 2021, Oakland’s sales-to-list price reached a new, record level of 110.8%, meaning the average sale price in the area is nearly 11% over the average list price. Additionally, homes are flying off the market quickly, with 80.2% of houses going off the market within two weeks in May 2021. Compare that to only 49.7% of homes in May last year.