The seemingly perennial housing shortage and still-relatively low mortgage rates are fueling bidding wars.
Record Shortages of Homes Continues to Fuel Price Competition
Despite bidding wars falling from 74.6% of home offers written in April 2021 to nearly 60% nationwide in December 2021, the housing market continues to remain competitive as potential buyers face a record shortage of homes for sale, according to Redfin.
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More than 50% of all Redfin offers have faced bidding wars since May 2020. Now that interest rates are already creeping up, the home buying process is becoming even more expensive and more competitive with even lower inventory levels.
Homes Most Likely to Face Bidding Wars
64.6% of offers for homes priced between $800,000 – $1M faced bidding wars in December. 62% of offers for homes priced between $1M – $1.5M faced bidding wars. 61.7% of offers for homes priced over $1.5M+ faced bidding wars.
More than 55% of offers on homes priced between $200,000 — $800,000 faced bidding wars in December 2021, according to Redfin.
In terms of property types, the most competitive were townhomes with 62% of those offers going into bidding wars. 61.3% of single-family-home offers went into bidding wars, 54.7% of multi-family homes and 53.3% of condominium offers went into bidding wars.
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Highest & Lowest Bidding War Rates by Metros
Metro % of Wars 12/21 % of Wars 12/20
Salt Lake City UT 74.0% 78.3%
Tucson AZ 73.1% 50%
San Diego CA 71.1% 78.3%
Virginia Beach VA 70.6% 50.0%
Seattle WA 70.0% 66.5%
Tampa FL 68.3% 43.8%
San Francisco/San Jose CA 67.5% 71.5%
Denver CO 66.7% 58.3%
Sacramento CA 66.7% 61.9%
Honolulu HI 65.9% 46.7%
Nashville TN 51.5% 33.3%
Orlando FL 50.0% 43.3%
Sarasota FL 50.0% NA
Las Vegas NV 48.9% 49.3%
Detroit MI 48.6% 37.5%
Houston TX 47.1% 23.4%
Chicago IL 46.7% 27.6%
Cleveland OH 45.5% NA
Cape Coral FL 45.0% NA
Indianapolis IN 39.3% 50%
Thanks to Redfin.
