Take a fresh look at your lifestyle.

7 Housing Markets Where Bidding Wars Are Disappearing

Real estate agent with
Photographee.eu / Shutterstock.com

It seems like only yesterday that bidding wars were popping up in housing markets across the country.

As we reported previously, in February, 68.6% of home offers by Redfin agents were involved in a bidding war.

But that was before mortgage rates exploded higher. Times most certainly have changed.

In June, homebuyer competition dropped to 49.9% of all offers written by Redfin agents, the lowest level since May 2020. It was the fifth consecutive month that the metric has declined.

Competition for housing is cooling especially fast in a handful of places. Following are the top markets where bidding wars are disappearing, according to a Redfin analysis of 36 metro areas. The ranking was limited to metros in which Redfin agents submitted an average of at least 50 offers per month between March 2021 and March 2022.

7. Seattle

Liem Bahneman / Shutterstock.com

Share of Redfin listings in this metro that faced competition in:

  • June 2022: 41.4%
  • June 2021: 71.6%

As we recently noted, Seattle is one of the “10 Housing Markets That Are Cooling Fastest.”

The city long has been known for its expensive housing, and with mortgage rates rising, it’s likely that many would-be buyers simply have been priced out.

6. Detroit

Detroit, Michigan
Harold Stiver / Shutterstock.com

Share of Redfin listings in this metro that faced competition in:

  • June 2022: 40.8%
  • June 2021: 68.3%

Interest in housing appears to be stalling in Motor City. And believe it or not, Detroit still hasn’t fully recovered from the last housing bust, as we noted in “Housing Boom? Prices Still Haven’t Recovered in 477 Cities.”

5. Honolulu

University of Hawaii Monoa
Osugi / Shutterstock.com

Share of Redfin listings in this metro that faced competition in:

  • June 2022: 38.9%
  • June 2021: 69%

Like Seattle, Honolulu is infamous for its high cost of living. But home shoppers in paradise appear to be catching a break these days.

4. Raleigh, North Carolina

North Carolina Capitol
Sean Pavone / Shutterstock.com

Share of Redfin listings in this metro that faced competition in:

  • June 2022: 38.9%
  • June 2021: 74.1%

Competition has fallen off a cliff in Raleigh. Just a few months ago, it was among the U.S. cities where homebuyers were most likely to face bidding wars.

3. Phoenix

Phoenix, Arizona
Anton Foltin / Shutterstock.com

Share of Redfin listings in this metro that faced competition in:

  • June 2022: 35.3%
  • June 2021: 58.1%

The housing market is finally cooling down in the desert. As we recently reported, Phoenix is among the “10 Cities Where It’s Now Easier to Find a House for Sale.”

2. Riverside, California

Riverside, California
Jon Bilous / Shutterstock.com

Share of Redfin listings in this metro that faced competition in:

  • June 2022: 31.9%
  • June 2021: 70.5%

Home prices and rents have been surging in this Inland Empire city. But at least for home shoppers, things seem to be improving.

1. Tampa, Florida

Skyler Sargent / Shutterstock.com

Share of Redfin listings in this metro that faced competition in:

  • June 2022: 28.9%
  • June 2021: 58.8%

It’s midsummer, which means Tampa is scorching hot. But the housing market is cooling off enough to offer some relief to those looking for a new home.

How to win a bidding war

Realtor showing a couple a home.
goodluz / Shutterstock.com

While the number of people competing for homes has fallen in many markets, there are still plenty of sales that generate multiple offers.

Interestingly, across the nation, townhouses are the type of property most likely to provoke bidding wars: 54.6% of all such Redfin offers met with a bidding war in June.

That’s followed by single-family homes (52.3%), condominiums and co-ops (47%), and multi-family properties (41.3%).

If you plan to buy a home, prepare for the possibility of a bidding war by learning the tips in “5 Ways to Beat the Hot Housing Competition.”

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More