Which Housing Markets Are the Most Competitive?

This year’s homebuying season is much more buyer-friendly than in recent years, but that’s not the case in every metro area. Certain cities are still seeing strong competition, with many homes attracting multiple offers and bidding wars. To figure out which areas are seeing the most competition, real estate marketing platform Zillow analyzed buyer engagement data on listings across the most populous U.S. metros. They determined that nationwide, there are approximately 5.5 serious home shoppers for every property listed on Zillow.

However, in some regions, that number is much higher. For example, in four Northeast cities—Buffalo, N.Y., Hartford, Conn., Providence, R.I., and Boston—there are more than 10 potential buyers for every property listing. Homes in these cities typically sell within 10 days, and over half sell for more than the asking price. Other markets with high buyer interest include Richmond, Va., with 9.1 shoppers per listing; Raleigh, N.C., which has 8.9 shoppers per listing; and San Francisco, with 8.4 shoppers per listing; among others.

Buyers will have the best shot at being the only bidder on their dream home in the Sun Belt. There are 14 major metro areas with fewer engaged home shoppers per listing than the national average, and 12 of those are in the Sun Belt. The others are Salt Lake City and Riverside.

Buyers have the least competition in Miami, where there are only 2.6 engaged home shoppers per listing. Other markets with not much competition are Houston (3.4), New Orleans (3.5), Memphis (3.9) and San Antonio (4.3).