News Releases
San Diego Was the Most Competitive Market; Minneapolis Was the Least Competitive
The
"Single-family homes that are priced right, in good condition and in a desirable neighborhood are still selling quickly for top dollar," Hess said. "If you're a buyer, you had better bring your best punch and expect competition. People are paying a premium for the latest and greatest, updated, remodeled, turnkey homes."
Some of the places with the highest bidding-war rates have also seen significant growth in new listings—one factor that's allowing competition to flourish, according to Redfin Chief Economist
"Buyers aren't going to compete for homes that have been sitting on the market," Fairweather said. "They will typically only get into a bidding war for a newly-listed, desirable home that is move-in ready."
In
Condos Were the Least Likely to Face Bidding Wars
Condos were the least likely to encounter competition in November, with 38.3% of Redfin offers facing bidding wars. That compares with 48.7% of offers for townhouses and 57.3% of offers for single-family homes.
The condo market has experienced relatively sluggish growth as remote work and a shift in homebuyer preferences due to the pandemic have made single-family homes more sought after.
Bidding-War Rates By Metro Area,
Metro Area |
Share of Redfin offers that |
Share of Redfin offers that |
|
75.3% |
75.9% |
|
66.7% |
54.3% |
|
65.8% |
71.9% |
|
60.9% |
61.9% |
|
60.0% |
61.2% |
|
59.5% |
62.5% |
|
58.7% |
66.6% |
|
58.1% |
67.7% |
|
57.7% |
54.1% |
|
56.0% |
77.6% |
|
52.3% |
64.4% |
|
50.8% |
61.3% |
|
50.0% |
50.0% |
|
47.6% |
55.7% |
|
46.8% |
46.9% |
|
45.4% |
42.1% |
|
42.0% |
52.7% |
|
41.3% |
38.2% |
|
37.8% |
52.4% |
|
37.6% |
50.7% |
|
37.3% |
46.2% |
|
37.1% |
53.5% |
|
36.4% |
41.7% |
|
34.6% |
59.4% |
To read the full report, including additional Redfin agent insights, please visit: https://www.redfin.com/news/real-estate-bidding-wars-november-2020.
About Redfin
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in
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
View original content to download multimedia:http://www.prnewswire.com/news-releases/54-of-redfin-home-offers-faced-bidding-wars-in-november-301193978.html
SOURCE Redfin
Redfin Journalist Services: Erin Osgood, 206-588-6863, press@redfin.com