The Denver metro area has the nation’s most competitive housing market, closely followed by Los Angeles, according to a new study.
Online loan marketplace LendingTree recently unveiled its ranking of the most competitive housing markets in the US. The study ranked the 50 largest metropolitan areas in the United States based on the share of buyers shopping for a mortgage before identifying the house they want, the average down payment percentage, and the percentage of buyers who have good or excellent credit.
In third place is Portland, followed by San Francisco, San Jose, Saint Louis, Las Vegas, Seattle, Sacramento, and Boston.
“Of the top 10 most competitive cities, only two, Saint Louis and Boston, were not in a western US state,” said LendingTree. “High-paying tech jobs, common in places like Oregon, San Francisco and Seattle, likely help fuel market competitiveness in some western cities.”
At the other end of the spectrum, Birmingham, Ala., Virginia Beach, Va., and Pittsburgh have the least competitive housing markets in the country.
“The spring housing market should see more homes on the market than last year, but inventory is still less abundant than historical norms,” said Tendayi Kapfidze, chief economist at LendingTree. “Potential buyers should put themselves in the best position by getting a pre-approval ahead of searching for a home. Shopping around for the best mortgage rate will also help buyers maximize their buying power and allow them to compete. Though home price momentum has slowed, prices are still rising and getting a lower rate can help offset the higher prices.”