6/16/2020
Competition Increases for Homebuyers as Coronavirus Drives Housing Shortage - Redfin
Red n agents say competition has picked up signi cantly in recent weeks with erce bidding wars, many involving all-cash offers that are driving up prices.
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Boston, Dallas and D.C. Were Among the Most Competitive Markets The Boston metro area had the highest rate of competition, with 64.1% of offers written by Red n agents on behalf of their homebuying customers facing bidding wars in May, up from 56% in April. It was followed by Dallas, at 60.8%. Washington, D.C. rounded out the top three, at 57%. The other metros where the bidding-war rate was above 50% were Salt Lake City, Denver, Seattle, Austin, TX, San Francisco/San Jose, Minneapolis, Los Angeles and Portland, OR.
“We’re seeing a frenzy,” Boston Red n agent Delince Louis said. “Any home below $500,000 is receiving multiple offers; we just don’t have the supply to meet the demand.”
To be included in this analysis, metros must have had at least 50 offers written by Red n agents fromMay 1, 2020 to May 31, 2020. An offer is considered part of a bidding war if a Red n agent reported that it received at least one competing bid. See Latest Coronavirus Housing Market News
https://www.redfin.com/blog/competition-increases-homebuyers-coronavirus-drives-housing-shortage/
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