Majority of Buyers Face Bidding Wars in May, June
With a small number of homes up for grabs and historically low mortgage rates, more than half of homebuyers have found themselves in bidding wars. Redfin reports that 53.7% of their listings ended in a bidding war in June. This is a slight uptick from May, where 51.8% of listings received at least one competing bid. Coming in first place for most likely to receive multiple bids are single-family homes with 56.2% ending in a bidding war. Townhouses came in at a close second at 54.2%. Read more to find out what markets are most competitive.
More than half of Redfin offers for homes faced competition in June for the second month in a row. Nationwide, 53.7% of Redfin offers faced bidding wars last month, up from a revised rate of 51.8% in May and 44.4% in April*.
An offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bid.
The bidding-war rate is rising even as the coronavirus pandemic and the shaky economy that comes with it continues to spread across the country.