National property broker Redfin is reporting this week that 53.6 percent of U.S. home offers written by Redfin agents nationwide faced competition in November 2020.
The San Diego metro area had the highest bidding-war rate of the 24 metros in this analysis, with 75.3 percent of Redfin offers facing competition. It was followed by Denver (66.7%), San Francisco/San Jose (65.8%) and Seattle (60.9%). Sacramento–the most popular destination for people looking to move to a different metro area–rounded out the top five, at 60.0 percent.
Meanwhile, Minneapolis had the lowest rate of competition, with 34.6 percent of Redfin offers facing bidding wars in November. Also in the bottom five were Chicago (36.4 percent), Tampa, FL (37.1 percent), Houston (37.3 percent) and New York (37.6 percent).
Condos were the least likely to encounter competition in November, with 38.3 percent of Redfin offers facing bidding wars. That compares with 48.7 percent of offers for townhouses and 57.3 percent of offers for single-family homes.
