City with the highest rate in the US is revealed
Three in five home offers faced bidding wars in December 2021, according to new figures from Redfin.
Data revealed that 59.6% of home offers written by Redfin agents across the US faced bidding wars in December 2021 – the lowest share in 12 months and down from a revised rate of 61.3% in November, but up from 54% in December 2020.
Read more: Are home bidding wars finally cooling down?
Salt Lake City in Utah had the highest bidding-war rate of the 37 US metropolitan areas in Redfin’s analysis, with 74% of offers written by Redfin agents facing competition in December. This was followed by Tucson, Ariz. at 73.1%, San Diego, Calif. at 71.1%, Virginia Beach, Va. at 70.6% and Seattle, Wash. at 70%.
Redfin data also revealed that offers on homes in the upper end of the market faced bidding wars more often in December, with nearly two-thirds (64.6%) of offers for homes priced between $800,000 and $1 million experiencing bidding last month, the highest share of any price bucket. This was followed by homes in the $1 million to $1.5 million range (62%), and by homes priced over $1.5 million (61.7%).
“Competition has dipped in recent months partly because the housing market typically slows in the winter, with many buyers and sellers taking a break during the holidays,” Redfin said in its report. “But while the bidding-war rate has fallen from its pandemic peak of 74.6% in April 2021, the housing market remains quite competitive as house hunters grapple with a record shortage of homes for sale.”