Over 20% of houses for sale on the U.S. market are selling above their initial selling price

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As the Coronavirus pandemic has slowed, or outright halted, significant parts of the U.S. economy, the housing market is as hot as ever.

Over 20% of homes for sale on the U.S. market are selling above their initial price tag.. The national data also shows that the median price of residential properties in September 2020 rose 11% from the year before, to $277,000.

Nationally, home values have never been higher, driven up as surging demand because of record low home loan rates comes up against historically low inventory of properties for sale.
But the most high-priced urban areas have been experiencing and enjoying the opposite problem. Cities like New York and San Francisco have witnessed higher vacancy rates and reduced rents and sale prices as many people, untethered from office jobs, retreated to the suburbs and less densely populated areas.

Cities where more than 40% of homes are selling above asking price.

Rochester, New York 49.6%
San Francisco, California 48.9%
Buffalo, New York 46.3%
Spokane, Washington 45.8%
Ogden, Utah 45.7%
Wichita, Kansas 44.7%
Milwaukee, Wisconsin 44.2%
Seattle, Washington 43.6%
San Jose, California 43.1%
Columbus, Ohio 41.4%
Minneapolis/St. Paul, Minnesota 41.1%
Grand Rapids, Michigan 40.4%
Syracuse, New York 40.4%
Worcester, Massachusetts 40.2%
Stockton, California 40.2%
Boston, Massachusetts 40.1%

However with potential vaccines in the near future, real estate in big cities could see a turnaround.
“It’s not going to be a light switch,” said Jonathan Miller, president of Miller Samuel, a real estate appraiser and consultant in New York City. “But the news is starting to get people to be hopeful and think about returning to the city. Because at this time, without a vaccine, it is status quo.”
While widespread vaccination continues to be a ways off, the news alone is a good sign that real estate in cities continuously recover as the prospect of vaccines gets to be more realistic, said Richard Smith, chairman and executive director of the Foundation for the Study of Cycles, a nonprofit that studies recurring patterns in economics, social sciences and nature.