Redfin Bidding War Report Shows Early Signs of a Cooling Real Estate Market in Some Cities While Competition Intensifies in Others - Redfin Real Estate Blog

Redfin Bidding War Report Shows Home-Buying Competition Eased in May

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Updated on October 6th, 2020

If you were in the market for a home last month, chances are you weren’t the only one vying for it, as 69.5 percent of offers Redfin agents wrote last month faced competition. Don’t be discouraged, because things are looking up for homebuyers, as competition for homes across the country eased in May. Nationally, the percentage of offers written by Redfin agents that faced multiple bids fell 3.8 percentage points from 73.3 percent in April. Year-over-year, competition was basically flat, rising just 0.2 percentage points from 69.3 percent.
For the full report including data tables and charts, visit Real-Time Bidding Wars in Redfin’s Research Center.

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Rachel Musiker

Rachel writes about the national housing market. Now based in NYC, Rachel joined Redfin in 2010 as a real estate agent in Washington, D.C., and joined company’s communications team in 2011. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.

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