Here’s How Much $1 Homes Really Sell For

Some homes are hitting the market with an eye-catching price tag of just $1. But they’re not actually selling for a buck.

The unconventional marketing tactic is drawing crowds, sparking bidding wars, and leading to six-figure sales—despite the ultralow starting point. While it might seem like a gimmick, agents say the approach helps widen the buyer pool and lets the market determine the true value of a property.

In a time of high prices and tight inventory, it’s a strategy that’s increasingly drawing interest from both buyers and sellers.

For Brendan DaSilva, a New Jersey–based real estate agent, the $1 home marketing tactic allowed him to take a backseat when determining a property’s list price. For many real estate agents, their main regret is listing the property for less than its worth. However, Da Silva says the $1 method eliminates that problem altogether.

“I always find myself arguing with sellers over what is the correct price to list at—usually the seller’s fear under listing it,” DaSilva tells Realtor.com®. “This proves that’s not possible.”

The Newark agent listed a three-bedroom, 1.5-bathroom home for $1 and accepted an offer for the property for roughly $550,000. That’s well under the median list price of $786,500 for homes in the New York-Newark-Jersey City metro area, according to the Realtor.com June Housing Report, but in line with other comps in the neighborhood.

Another home a few blocks away on Richelieu Place is listed for $479,000 and a multifamily home on Tuxedo Parkway is for sale for $519,000.

DaSilva says he received so many offers that his team had to start reviewing comps over the phone just to keep up. Initially, buyers were confused by the $1 list price, but the property eventually gained plenty of traction.

DaSilva says offers ranged from $1 to $550,000, the latter being the offer that closed the deal.

For those who didn’t snag that deal, another $1 home is still up for grabs in another New Jersey neighborhood.

The five-bedroom, two-bathroom estate is located at 86 E Camplain Road in Manville. Homes in the Garden State are selling for a median list price of $579,450 and stay on the market for a median of 37 days.

Linda Thell, a New Jersey–based real estate agent, is entertaining several offers on the Manville property.

“I like to provide clients with unique opportunities, sometimes going against the stream, finding good tweaks that can end up in great results for my clients,” Thell tells Realtor.com.

“I wanted to try something new—a new approach—and so far I think it’s been a great way to sell. A list price is to be seen as a suggested price. However, in the end, the market will always decide. So far I am happy with the turnout and looking forward to see where we end up,” she adds.

Thell says the benefit of the $1 home tactic is that it allows for a variety of prospective buyers to get their offers in, regardless of their budget. She gives buyers ample time to weigh their options and make an offer they’re comfortable with—without the pressure of a hard deadline.

“What I like about this new strategy is that it doesn’t discriminate. It’s very inclusive, and it allows everyone a chance to make an offer. I also enjoy that we chose a far-out deadline, as it allows people time to think, see it online, come out to my numerous open houses, and not promote the stress that often comes with ‘highest and best’ due tomorrow at 6,” Thell says.

Although the $1 list price has brought in some eager buyers, Thell says the market ultimately decides how much a house will sell for.

“I don’t think a list price necessarily matters. If it’s overpriced—say it’s $1 million, but the house is really worth $800,000, well, it’s going to sell for $800,000.”

Currently, she has multiple offers on hand for the Manville property and is taking offers until July 26. Comps in the area show a home for sale for $599,000 on Gladys Avenue and another for $399,000 on Park Street.

“It’s been a great experience. And I think, overall, I like the way it’s been turning out,” says Thell.

Hidden homes

If you look around, there are many such listings to be found—each home with its own story behind the dollar price tag. Some of them even look like mansions, including this listing in Colts Neck, NJ. Some can be found alongside a lake, such as this offering in Indiana.

An Indiana home along a lake is listed for $1 with bids accepted only online. The three-bedroom, 2.5-bath home is located in the northern part of the state.