A home in Cambridge went for nearly $1m over asking. Yes, really.

Buying Cambridge Cape Cod Wellesley
The trend has exploded across New England. Adobe Stock

The housing market in Greater Boston has been a scorcher heading into summer, but few sales are as hot as this.

A 2,745-square-foot home at 35 Prentiss St. in Cambridge closed on June 18 for $3,500,000 — $925,000 over the asking price. Over-asking bids have become a staple of the competitive real estate market across the region in the past year, particularly in the suburbs and in vacation markets like Cape Cod.

While the Cambridge listing certainly takes that trend to the extreme, area agents do not view over-asking bids on that level as a necessity to land a dream home.

Richard Egan, the Coldwell Banker Realty buyer’s agent for 35 Prentiss, declined to comment on the sale, but other real estate agents across the market weighed in on navigating the competitive landscape.

Amanda Armstrong, a private office adviser at Engel & Völkers, guided clients recently to a winning bid for a home on the North Shore near their family members. Because the desired home had sentimental value, the clients wound up paying $500,000 over asking.

“There are really unique factors that will go into somebody bidding that much. They’re anomalies,” Armstrong said. “But if it’s a three- or four-bedroom home that’s a fairly common home in any town, we’re not seeing any pressure right now.”

The trend has exploded across New England. An 819-square-foot condo in Provincetown’s West End went for $810,000 — $211,000 over the asking price — earlier this year. Bidding wars are just as common on Lake Winnipesaukee as they are in Wellesley, but real estate agents caution clients against going too high.

Ten to 15 percent over asking has been the typical winning bid for homes around Wellesley over the past few months, according to Teri Adler, a real estate agent with Pinnacle Residential Properties.

“Typically, when a major over-asking bid comes in, it’s from someone who has lost out on so many,” Adler added. “They’re done, and they just need to get settled because it’s too stressful, and they want to be finished with the process.”

But stress doesn’t have to translate to blowing your budget.

“I always want my clients to be able to afford a pizza on the weekend after they take care of the mortgage,” Armstrong said with a laugh. “I also want them to come back to me when they want me to sell it.”

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Correction: Because of a reporting error, a previous version of this story misidentified the listing agent. The Carol Kelly Team at Compass represented the seller.