How Redfin Compete Score Works
Redfin's Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
Most homes get multiple offers, often with waived contingencies.
Many homes get multiple offers, some with waived contingencies.
Some homes get multiple offers, but typically take weeks to sell.
Not Very Competitive
Multiple offers are rare, and homes can take months to sell.
Search for Compete Score
About Compete Score
Compete Score rates how difficult it is to win a home in an area. Using a combination of proprietary Redfin data and data from local multiple listing services (MLS), Compete Score is primarily calculated based on four inputs: number of competing offers, waived contingencies, sale to list ratio, and number of days on market.
Competition in the most literal sense, the number of competing offers indicates the average number of offers that are submitted for a given property.
Waiving contingencies is one strategy for a buyer to make their offer more appealing to a seller in a competitive market. We calculate the percent of total offers where at least one contingency was waived. Some of the most common contingencies include appraisal, financing, inspection, sale and title.
Sale to List Ratio
Whether the home sells above or below list price helps both buyers and sellers understand how competitive their pricing strategy should be. We calculate this ratio as the final sale price divided by the last list price.
Days on Market
Days on market helps inform buyers how quickly they might need to act on a home they’re interested in, and helps set expectations for sellers on how long the process might take. We calculate it as the number of days from when the home was listed until it went pending and was taken off the market.
Benefits of Compete Score
Fewer surprises for buyers and sellers
By knowing how likely they are to face competition in a given area, customers can better determine what to bid and whether they should consider waiving contingencies.
Better intel to help people understand where to focus their search
By being able to compare the level of competition in different areas, customers can hone in on neighborhoods where they’re more likely to place a successful offer.
Ability to measure competition over time
Over time, Compete Score will allow people to see how competition shifts and which areas become more or less competitive.
Frequently Asked Questions
How did you decide on which inputs to use to calculate Compete Score?
Before launching Compete Score, we spent a lot of time talking with Redfin real estate agents and housing economists to understand what drives competitiveness in any given area. Our research found that the best way to understand competition is to look at how many offers you’ll compete against, how strong your offer terms need to be, and how quickly you need to act.
Why doesn’t the most desirable or expensive neighborhood in my area have the highest Compete Score?
Compete Score reflects competition, which isn’t always correlated with desirability. In fact, many desirable neighborhoods are actually less competitive since they tend to be more expensive so fewer people can afford to put in an offer.
Which areas do you cover?
We offer a Compete Score for almost all cities and neighborhoods where Redfin offers service and that had at least 25 homes sold within the last 12 months. We chose this threshold to maintain our accuracy levels.
One exception is that we do not have Compete Score in New York City due to the prevalence of listings that are not listed in the MLS.
We also exclude areas where MLS rules prohibit us from displaying the sold price, since we are unable to use it to calculate Compete Score.
How often is Compete Score updated?
Compete Score is updated at the beginning of each month.