Sunday, August 5, 2018

The Top 10 Cities in the US Where You Can Expect a Bidding War to Erupt on a House for Sale



According to Redfin, they are:

RankCityRedfin Compete Score
1Fremont, CA100
1San Jose, CA100
1Seattle, WA100
2Oakland, CA97
3Aurora, CO96
3San Francisco, CA96
4Tacoma, WA95
5Denver, CO92
5Boston, MA92
6Sacramento, CA91
“Many of the most competitive cities are tech hubs that have attracted an influx of people moving to the area for jobs, unmatched by the creation of new homes,” said Taylor Marr, senior economist at Redfin. “This has led to intense competition and rising home prices. In San Francisco, Seattle and Denver, homes have become so expensive that many people are moving elsewhere in search of more affordable and less competitive housing markets.”

“Even with the recent–and much needed–surge of inventory, desirable homes are under contract in five to seven days,” said Shoshana Godwin, a Redfin agent in Seattle. “That actually feels to us like a long time, but when you put it into perspective with the market nationally and historically, Seattle remains very competitive. Last week, I wrote an offer on a home that had five other offers, escalating up to $150,000 above the asking price.”

The 10 least competitive large cities are listed below:


RankCityRedfin Compete Score
1New Orleans, LA43
2El Paso, TX44
3Pittsburgh, PA47
3Miami, FL47
4Newark, NJ52
5Scottsdale, AZ54
6Boise, ID57
6Baton Rouge, LA57
6Norfolk, VA57
7Cincinnati, OH58
“I often work with people who are relocating to New Orleans, having been priced out of coastal markets like Seattle and San Francisco,” said Caren Morgan, a Redfin agent in New Orleans. “They’re relieved to find we have a healthy, relatively affordable housing supply and that homes typically remain on the market for about two months before going under contract. That said, bidding wars aren’t uncommon, especially in the hottest parts of the city, but we typically see two or three competing offers, and they rarely go much above the asking price.”

-RW