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.





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