Homebuying competition simmers down
A year ago, bidding wars were the norm, but last month, less than half of all bids written by Redfin agents faced any competition at all. Here are some stats from June:
- Only 49.9% of offers faced a competing offer, the lowest rate of competition since May 2020, marking the fifth straight month of declining competition
- Competition was the lowest in Tampa (just 28.9% of offers faced competition), Riverside (31.9%), and Phoenix (35.3%)
- Nationwide, townhomes remain the most competitive home type, with 54.6% of offers competing against at least one other offer
We’ve been seeing this in our day-to-day too and it’s healthy!!! Homes in the right area are still getting multiple offers, but overall, our buyers are finally seeing some relief. As the market normalizes, price reduction conversations will be occuring more often, and prepare for more negotiations on behalf of buyers.