To get a home in the Bay Area, buyers need to act quickly and pony up the big bucks.
Through a recent report from Redfin, HousingWire notes that San Jose, San Francisco, and Oakland were the most competitive housing markets in March. In each city, around two-thirds of homes were sold above asking price. Plus, homes in Oakland and San Jose went off the market in two weeks or less.
It may not compare to other cities population-wise, but [Oakland] is well equipped to handle growth. Oakland is the seventh largest city in California at 54 square miles, compared to San Francisco’s seven square miles.
Two Washington markets, Seattle (56 percent of homes sold above asking price) and Tacoma (44 percent), were also particularly competitive.