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Of the top five markets where bidding wars were most common in October, four were in California—San Francisco (34.8%),
The rate of bidding wars in
If 2019's big tech stock IPOs like
"There was a lot of hype earlier this year in the Bay Area around some big IPOs," said Palo Alto Redfin agent Kalena Mashing. "But we haven't seen that hype translate into a hot market, regardless of how well the IPOs did. Really, it's not the IPO money making the market hot, it's the perception that the IPO money could make the market hot that has really driven the local housing market this year."
This unseasonal uptick in competition in the Bay Area may be a sign of things to come elsewhere, according to Redfin chief economist
"Homebuyers in
Rate of Bidding Wars by Metro Area:
Metro Area |
Share of Redfin |
Share of Redfin |
Share of Redfin |
San Francisco, CA |
34.8% |
58.1% |
28.0% |
San Jose, CA |
20.5% |
64.9% |
17.1% |
San Diego, CA |
15.6% |
44.2% |
19.4% |
Philadelphia, PA |
13.8% |
40.0% |
7.2% |
Los Angeles, CA |
13.7% |
54.4% |
11.8% |
Phoenix, AZ |
13.2% |
18.9% |
21.7% |
Raleigh, NC |
12.5% |
18.2% |
4.5% |
Boston, MA |
12.1% |
48.6% |
14.2% |
Washington, D.C. |
9.5% |
43.6% |
10.5% |
Houston, TX |
8.9% |
46.9% |
5.3% |
Seattle, WA |
8.8% |
27.9% |
12.3% |
Sacramento, CA |
8.2% |
40.0% |
7.0% |
Portland, OR |
8.0% |
26.7% |
8.8% |
New York, NY |
7.9% |
42.6% |
9.3% |
Austin, TX |
7.6% |
43.8% |
6.4% |
Dallas, TX |
7.4% |
34.3% |
3.4% |
Denver, CO |
6.8% |
33.3% |
10.6% |
Chicago, IL |
6.4% |
26.2% |
6.5% |
Las Vegas, NV |
4.5% |
40.0% |
20.0% |
Atlanta, GA |
3.8% |
40.0% |
6.9% |
Miami, FL |
3.7% |
23.5% |
1.6% |
National |
10.1% |
38.7% |
11.3% |
To read the full report, please visit: https://www.redfin.com/blog/october-2019-real-estate-bidding-wars.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and
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
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SOURCE Redfin
Redfin Journalist Services: Isabelle Novak, 206-588-6863, press@redfin.com