Bidding Wars Still High But Cooling
Driven by rising mortgage rates and more homes for sale, competition in the US residential real estate market continued to cool off in June. Nationally, the percentage of offers written by Redfin agents that faced multiple bids fell for the third straight month to 68.6% in June, down from 69.5% in May and 75.7% in March. Across the 22 major markets Redfin serves:
- Bidding wars in Baltimore and Washington DC fell the most in June. Bidding wars dropped from 52.4% in May to 41.2% Baltimore and from 66.7% in May to 59.9% in DC. Competition also eased slightly in Seattle.
- Competition in San Diego, Orange County, and Boston, on the other hand, ramped up with gains of more than 4 percentage points in bidding wars. Chicago and San Francisco also saw a slight uptick in bidding battles.
- Reduced competition also helped winning offers fall closer to list prices; nationally, the average difference between winning offers and list prices fell from 1.4% above the list price in May to 0.9% in June.
For the full report including tables and charts, visit the Bidding Wars report in Redfin’s Research Center.