Bidding Wars Still Common In US Housing Market

There’s still a ton of competition if you want to buy a house.

Redfin released a report Tuesday that finds 56.3 percent of Redfin offers on homes in the United States faced competition in September, down a bit from the 59.1 percent in August. A majority of offers still faced bidding wars for the fifth month in a row.

“The slight decline in bidding wars is largely a reflection of a seasonal cooldown, which typically starts in the late summer but was delayed by a few months this year,” Redfin chief economist Daryl Fairweather said. “But homebuyers are still sweating as they navigate what remains an unseasonably hot seller’s market.”

Salt Lake City was the most competitive market with 81.1 percent facing bidding wars, while Tampa was the least competitive – with just 26.3 percent of offers facing competition in the month (down from 54.1 percent in August).

Here is a market-by-market look:

Metro AreaRedfin offers facing bidding wars in 
Sept 2020
Redfin offers facing 
bidding wars in August 2020
Salt Lake City, UT81.1%69.0%
San Diego, CA69.1%73.0%
San Francisco / San Jose, CA67.4%70.5%
Washington, D.C.65.6%67.9%
Minneapolis, MN63.9%61.4%
Portland, OR61.0%60.4%
Austin, TX60.4%60.2%
Sacramento, CA59.3%64.0%
Seattle, WA59.2%64.4%
Phoenix, AZ57.4%61.3%
New York, NY57.1%53.7%
Boston, MA56.7%64.4%
Los Angeles, CA56.2%62.7%
Philadelphia, PA55.8%60.8%
Houston, TX50.0%46.9%
Denver, CO49.8%52.6%
Dallas, TX49.0%44.0%
Detroit, MI47.5%56.4%
Las Vegas, NV47.5%40.4%
Atlanta, GA47.4%51.0%
Chicago, IL41.9%45.2%
Raleigh, NC41.4%47.5%
Miami, FL38.0%34.5%
Tampa, FL26.3%54.1%