For a Quarter of the Housing Market, Sellers Are 'in the Drivers' Seat'

The share of U.S. home sales above the listed price hit 24.1 percent in 2017, with the typical price increase at 3.1 percent. More than half of home sales in San Jose, San Francisco, Salt Lake City, and Seattle sold for more than the listed prices.

According to Zillow, tight supply, high demand, demographic shifts, a strong economy, and favorable financing conditions are all contributing factors. Low mortgage interest rates have also played a role -- raising homebuyer budgets and altering the limits of what they can afford. However, 65.9 percent of homes sold for below their asking price, and 10 percent sold at the list price.

In a handful of markets, selling above list in 2017 was more common than not – more than half of sellers in San Jose (68.5 percent), San Francisco (64.5 percent), Salt Lake City (55.4 percent), Seattle (52.4 percent) and Provo, Utah (51.1 percent), sold their homes for more than they asked.

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