Redfin has introduced a new metric on its platform, the Compete Score, for home searchers to assess how competitive a market is.
The Compete Score ranks a city based on the number of competing offers, days on market, sale to list ratio, and waived contingencies. The 10 most competitive cities are mostly in California, with Fremont and San Jose tied for first with Seattle. Oakland, Calif. holds the second spot, and San Francisco is tied for third with Aurora, Colo., per Redfin's data. The 10 least competitive cities are mostly concentrated in the South and Northeast.
“Many of the most competitive cities are tech hubs that have attracted an influx of people moving to the area for jobs, unmatched by the creation of new homes,” said Taylor Marr, senior economist at Redfin. “This has led to intense competition and rising home prices. In San Francisco, Seattle and Denver, homes have become so expensive that many people are moving elsewhere in search of more affordable and less competitive housing markets.”
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners