Redfin Reports Home Sales Surge by Double Digits in Pricey West Coast Markets

Redfin reports a significant surge in home sales in West Coast markets, with Portland, OR leading at a 27.6% year-over-year increase in November, the highest among the top 50 U.S. metros.

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12/23/2024 - 08:00 AM EST

Home sales are up 28% year over year in Portland, OR—the biggest gain of any major U.S. metro. Next come San Jose, Seattle and San Francisco, which also saw double-digit increases.

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — In Portland, OR, home sales jumped 27.6% year over year in November—the biggest increase among the 50 most populous U.S. metropolitan areas, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. It was followed by five other pricey West Coast metros: San Jose, CA (26.2%), Seattle (19.5%), San Francisco (17.7%), Sacramento, CA (17.6%) and San Diego (15.2%). By comparison, nationwide home sales rose just 4.8%.

All the aforementioned markets have median sale prices above the national median of $430,107.

Early-stage homebuying activity has been picking up across the country since the election. But some West Coast markets may be gaining steam especially quickly in part because a shortage of homes for sale is keeping competition afloat.

New listings in Portland, for example, were down 20.3% from a year earlier in November—a bigger decline than any other metro but Austin, TX. By comparison, nationwide new listings were down just 6.6%. New listings in Oakland, San Jose and Sacramento also fell more than they did nationwide.

"There's low inventory, so if a house checks all the boxes, it's selling very quickly with multiple offers,” said Bay Area Redfin Premier real estate agent Josh Felder. “Even homes in the $1 million to $3 million range are getting five to seven offers if they are move-in ready and in the right neighborhood with the right schools—and they can sell for anywhere between 10% and 14% over the asking price. There is a lot of money in Silicon Valley. You’d think there would be a finite supply of people who have $3.5-$5 million dollars for a home, but apparently not. They just keep coming.”

Over Half of Homes in the Bay Area Are Selling for More Than Their Asking Price

The Bay Area—the most expensive housing market in the country—is also home to three of the five U.S. metropolitan areas where houses are most likely to sell for more than their asking price.

In San Jose, 58.6% of homes that sold in November went for above their list price—the highest among the 50 most populous U.S. metros in Redfin’s analysis aside from Newark, NJ (64.8%). In third place is Nassau County, NY (54.1%), followed by two other Bay Area metros: Oakland (53.6%) and San Francisco (52.9%). In both San Jose and San Francisco, the share of homes selling above their list price was at the highest level for November since 2021, and in Newark and Nassau County, it was at the highest level for any November on record. Nationwide, just over one-quarter (26.6%) of homes that sold during November went for more than their list price.

San Jose and San Francisco are the most expensive housing markets in the country, both with median sale prices of $1.5 million.

To view the report, please visit: https://www.redfin.com/news/west-coast-home-sales-2024/

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.