3 cities were found tied as the most competitive in the US
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Redfin has introduced ratings for housing competition in cities and neighborhoods using the company’s proprietary data.
Under the Redfin Compete Score, cities and neighborhoods are rated on a scale of 0 to 100, with 100 being the most competitive. Scores are available on individual listings on the Redfin website as well as on Home Values pages for locations where more than 25 homes were sold in the previous year.
Along with the launch, Redfin introduced a Compete Score Report that looks into the most and least competitive cities and neighborhoods across the country.
Analysis US cities with populations of at least 200,000, the report found that Fremont and San Jose, Calif., and Seattle were the most competitive with Redfin Compete Scores of 100. Meanwhile, New Orleans was the least competitive with a Compete Score of 43.
Scores in the range of 90 to 100 mean that most homes get multiple offers, often with waived contingencies. Cities with scores of 30 to 69 have some homes that get multiple offers, but typically take weeks to sell.
"Using data and insights that only Redfin has, Compete Score helps home buyers navigate the competition and sellers understand what to expect when listing a home," said Matt Lerner, senior vice president of product and design at Redfin. "Compete Score helps sellers understand how long a home could take to sell, whether it's likely to sell for more or less than the asking price and how to list the home at a price that is likely to attract multiple offers. For buyers, Compete Score helps them understand how aggressive they need to be to win the home they want, including how much to bid, whether they need to waive contingencies and how fast they need to act."
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