Almost 6,000 homes sell for more than $100,000 over asking price this year: Massachusetts Homebuyers Homeownership

 A near record number of homes sold for more than one hundred thousand dollars above asking price in the first six weeks of 2022, proving bidding wars are not yet a thing of the past. Nationally, five thousand eight hundred ninety seven homes sold for at least one hundred thousand dollars over the asking price from Jan. 1 through Feb. 15, up from two thousand two hundred forty one during the same time last year, according to a new Redfin report. January ended up being the most competitive month on record, and with housing inventory still at record lows, it could remain that way for some time.

 In Boston, one hundred fifty eight homes sold for at least one hundred thousand dollars over asking price, up from forty five in 2021. Homebuyer competition continues to intensify, as many pay well above the list price to beat out other bidders. That competition drove median home sale prices up fourteen percent year over year to three hundred seventy six thousand dollars, just shy of an all time high, according to the report. Redfin deputy chief economist Taylor Marr said the housing market was in a frenzy at the start of the new year as buyers competed for a limited supply of homes, and sellers reaped the benefits.

 “Buyers are likely to face strong competition at least through the next few months as demand is buoyed by the temporary drop in mortgage rates fueled by the Russian invasion of Ukraine,” Marr said in a press release. “But bidding wars may ease a bit by summer as more new listings come on the market and mortgage rates resume their rise. Homes are still likely to sell above list price, but the premiums will probably be lower.” Some of that competition was due to buyers seeking to take advantage of December’s 3.1 percent mortgage rates before they started to rise, Redfin said. In comparison, for the week ended March 3, the average thirty year mortgage rate was 3.76 percent, down from February’s peak, but much higher than last year’s record lows.

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