Homebuyers have endured ruthless bidding wars during the coronavirus pandemic as low mortgage rates and remote work have compelled scores of Americans to relocate and buy homes. This has exacerbated an existing shortage of homes for sale, with buyers far outnumbering sellers. Bidding wars are so intense that a record 46% of homes are selling within one week of hitting the market, up from 30% a year ago.
Competition has ticked even higher in the last couple of weeks as Americans look ahead to a return to normalcy and back-to-school season, according to Las Vegas Redfin real estate agent
"In today's market, buyers need to pull out every single stop they possibly can. Competition is escalating in part because it's almost summer and families want to lock down homes before the next school year starts and their kids have to head back to the classroom," Garlick said. "This typical spring homebuying behavior is making a hot housing market even hotter."
Single-Family Homes Are the Most Competitive, But Townhomes Aren't Far Behind
Single-family homes had a bidding-war rate of 66.5% in March, making them the property type most likely to encounter competition. Townhomes weren't far behind, with a bidding-war rate of 65.6%. While condos were less competitive, more than half (51.1%) of Redfin offers still faced competition.
Single-family homes have attracted relatively fierce competition during the pandemic because homebuyers have been seeking out space and privacy, but townhomes may be starting to catch up. In March, the bidding-war rate for townhomes trailed that of single-family homes by less than a percentage point, compared with a 5.2-percentage-point gap in February.
"Townhouses—especially ones with outdoor space—are starting to see more competition because it has become so difficult for buyers to win single-family homes," said Redfin Seattle real estate agent
Luxury Homes Are Most Likely to Draw Bidding Wars
Homes listed between
Homes listed for less than
To read the full report, including charts with metro-level data, please visit: https://www.redfin.com/news/real-estate-bidding-wars-march-2021
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