Metros with Most & Least Competitive Homebuyers

Key Highlight

• With inventory at historical lows, competition among homebuyers fierce
• LendingTree ranked 50 largest metros where homebuyers most and least competitive

LendingTree  Research Ranked 50 Largest US Metros Where Homebuyers Most and Least Competitive

Pulling together data from 750,000 mortgage loan requests per its own customers between March 2020 through March 2021, LendingTree determined where homebuyers were the most and least competitive within the 50 largest US metros.

LendingTree based its research on these categories:

• Average down payment percentage among buyers
• Share of buyers with credit scores above 720
• Share of buyers who shopped mortgage options prior to shopping for a house

Why these categories?  Because 63% of homeowners have a mortgage.

Key Findings

You’ll note that the top three competitive metros have  homebuyers with strong credit scores and who make larger down payments. You’ll also note that the least competitive homebuyers have lower credit scores, make smaller down payments and are less likely to shop mortgages prior to shopping homes.

Take a look:

Metros with Most Competitive Homebuyers

1. San Jose CA
   23. Average down payment percentage: 23.67%
   24. Percentage of buyers with credit scores of 720+: 84.15%
   25. Percentage of buyers who shopped mortgages before houses: 62.32%
2. San Francisco CA
   21. Average down payment percentage: 21.43%
   22. Percentage of buyers with credit scores of 720+: 81.96%
   23. Percentage of buyers who shopped mortgages before houses: 62.32%
3. Raleigh NC
   20. Average down payment percentage: 20.39%
   21. Percentage of buyers with credit scores of 720+: 70.48%
   22. Percentage of buyers who shopped mortgages before houses: 61.5%
4. Tie – Portland OR
5. Tie – San Diego CA
6. Los Angeles CA
7. Boston MA
8. Tie – Kansas City MO
9. Tie – New York NK
10. Tie – Minneapolis MN and Milwaukee W

Metros with Least Competitive Homebuyers

1. Virginia Beach VA
   17. Average down payment percentage: 17.17%
   18. Percentage of buyers with credit scores of 720: 57.71%
   19. Percentage of buyers who shopped mortgages before houses: 51.9%
2. Tie – Riverside CA
   17. Average down payment percentage: 17.25%
   18. Percentage of buyers with credit scores of 720+: 57.69%
   19. Percentage of buyers who shopped mortgages before houses: 55.64%
3. Tie – Atlanta GA
   18. Average down payment percentage: 18.86%
   19. Percentage of buyers with credit scores of 720+: 58.26%
   20. Percentage of buyers who shopped mortgages before houses: 53.92%
4. Memphis TN
5. Orlando FL
6. Oklahoma City OK
7. Jacksonville FL
8. Birmingham AL
9. Indianapolis IN
10. Tie – New Orleans LA
11. Tie – Las Vegas NV
12. Tie – Richmond VA

To view full list of rankings, go to https://www.lendingtree.com/home/mortgage/lendingtree-ranks-housing-markets-with-the-most-competitive-buyers

Thanks to LendingTree.