Existing housing inventory has reached historic lows, making the housing market very favorable to sellers. But that doesn’t always mean that sellers get what they’re asking for, according to a study by the National Association of Realtors (NAR).
Nationwide, sellers sold their house for 95 percent of the original asking price, NAR said. The figures varied widely depending upon location, however.
In counties near major metropolitan areas, homes were sold for much closer to the asking price than more rural homes. That’s because inventory is low in big cities, so buyers are more inclined to pay an asking price to jump on a property.
“Although homes are already expensive, potential buyers are willing to make an offer closer to the asking price in order to win the bidding war,” NAR’s study reads.
No county finished with a median sales price that exceeded its listing price, but Adams County, just outside Denver, had the highest rate, with homes there fetching 99.3 percent of the listing price. Rabun County, in rural Northern Georgia, had the lowest rate, with homes there selling for 80 percent of its listing price.
Atlanta-area homes mirrored the national average of sales price compared to listing price. Here’s how homes performed in Atlanta’s metro counties:
|Counties||Median Listing Price||Median Sales Price||Percent of Listing Price Received||Median Days on Market|