{"id":63324,"date":"2018-07-24T04:45:32","date_gmt":"2018-07-24T11:45:32","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=63324"},"modified":"2020-10-06T17:08:04","modified_gmt":"2020-10-07T00:08:04","slug":"seattle-san-jose-and-fremont-calif-are-the-most-competitive-u-s-housing-markets","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/seattle-san-jose-and-fremont-calif-are-the-most-competitive-u-s-housing-markets\/","title":{"rendered":"Seattle, San Jose and Fremont, Calif., are the Most Competitive U.S. Housing Markets"},"content":{"rendered":"

<\/b>Newly Launched Redfin Compete Score\u2122<\/span>\u00a0Helps People Understand What it Takes to Buy a Home Based on Competitiveness in Cities and Neighborhoods<\/span><\/h3>\n

Fremont<\/span><\/a> and <\/span>San Jose, Calif.<\/span><\/a> and <\/span>Seattle<\/span><\/a> are the most competitive U.S. cities for homebuyers. This is according to a ranking based on Redfin Compete Score<\/a>, a newly launched feature that rates housing competition in <\/span>cities and neighbo<\/span>rhoods<\/span> to help buyers understand what it takes to win a home and to help sellers create a smart listing strategy.<\/span> Like Redfin\u2019s <\/span>Walk Score<\/span><\/a>\u24c7<\/span>, <\/span>Compete Score ranges from 0 to 100, with 100 being the most competitive.<\/span><\/p>\n

\"compete_score-range-small\"<\/figure>\n

Compete Score can be found at the top of an area\u2019s Home Values page as well as in the neighborhood section on all individual home listings in that area. Below are the 10 most competitive large cities with populations of at least 200,000:<\/span><\/p>\n


\nMost Competitive Cities in the U.S.<\/b><\/span><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/b><\/td>\nCity<\/b><\/td>\nRedfin Compete Score<\/b><\/td>\n<\/tr>\n
1<\/span><\/td>\nFremont, CA<\/span><\/td>\n100<\/span><\/td>\n<\/tr>\n
1<\/span><\/td>\nSan Jose, CA<\/span><\/td>\n100<\/span><\/td>\n<\/tr>\n
1<\/span><\/td>\nSeattle, WA<\/span><\/td>\n100<\/span><\/td>\n<\/tr>\n
2<\/span><\/td>\nOakland, CA<\/span><\/a><\/td>\n97<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nAurora, CO<\/span><\/a><\/td>\n96<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nSan Francisco, CA<\/span><\/a><\/td>\n96<\/span><\/td>\n<\/tr>\n
4<\/span><\/td>\nTacoma, WA<\/span><\/a><\/td>\n95<\/span><\/td>\n<\/tr>\n
5<\/span><\/td>\nDenver, CO<\/span><\/a><\/td>\n92<\/span><\/td>\n<\/tr>\n
5<\/span><\/td>\nBoston, MA<\/span><\/a><\/td>\n92<\/span><\/td>\n<\/tr>\n
6<\/span><\/td>\nSacramento, CA<\/span><\/a><\/td>\n91<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 
\nBecause Redfin has a customer database that is used by every agent for every customer at every step of buying or selling a home, Compete Score is calculated using data that no other brokerage or website has. Compete Score is calculated using Redfin proprietary data, including the number of competing offers and number of waived contingencies for homes sold by Redfin, as well as data from multiple listing services (MLSs), including the sale-to-list price ratio and number of days on market. Compete Score data will be updated monthly, and the latest data can be found and downloaded in the <\/span>Redfin Data Center<\/span><\/a>. We\u2019ll use Compete Score to track competition over time to compare competition in different neighborhoods and cities. <\/span>
\n\u201cMany of the most competitive cities are tech hubs that have attracted an influx of people moving to the area for jobs, unmatched by the creation of new homes,\u201d said Taylor Marr, senior economist at Redfin. \u201cThis has led to intense competition and rising home prices. In San Francisco, Seattle and Denver, homes have become so expensive that many people are moving elsewhere in search of more affordable and less competitive housing markets.\u201d \u00a0\u00a0<\/span>
\n\u201cEven with the recent–and much needed–surge of inventory, desirable homes are under contract in five to seven days,\u201d said Shoshana Godwin, a Redfin agent in Seattle. \u201cThat actually feels to us like a long time, but when you put it into perspective with the market nationally and historically, Seattle remains very competitive. Last week, I wrote an offer on a home that had five other offers, escalating up to $150,000 above the asking price.\u201d <\/span>
\nThose seeking reprieve from the hottest housing markets<\/a> may want to consider or at least daydream about moving to one of the least competitive cities. The 10 least competitive large cities are listed below:<\/span><\/p>\n

Least Competitive Cities in the U.S. <\/b><\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/b><\/td>\nCity<\/b><\/td>\nRedfin Compete Score<\/b><\/td>\n<\/tr>\n
1<\/span><\/td>\nNew Orleans, LA<\/span><\/a><\/td>\n43<\/span><\/td>\n<\/tr>\n
2<\/span><\/td>\nEl Paso, TX<\/span><\/a><\/td>\n44<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nPittsburgh, PA<\/span><\/a><\/td>\n47<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nMiami, FL<\/span><\/a><\/td>\n47<\/span><\/td>\n<\/tr>\n
4<\/span><\/td>\nNewark, NJ<\/span><\/a><\/td>\n52<\/span><\/td>\n<\/tr>\n
5<\/span><\/td>\nScottsdale, AZ<\/span><\/a><\/td>\n54<\/span><\/td>\n<\/tr>\n
6<\/span><\/td>\nBoise, ID<\/span><\/a><\/td>\n57<\/span><\/td>\n<\/tr>\n
6<\/span><\/td>\nBaton Rouge, LA<\/span><\/a><\/td>\n57<\/span><\/td>\n<\/tr>\n
6<\/span><\/td>\nNorfolk, VA<\/span><\/a><\/td>\n57<\/span><\/td>\n<\/tr>\n
7<\/span><\/td>\nCincinnati, OH<\/span><\/a><\/td>\n58<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u201cI often work with people who are relocating to New Orleans, having been priced out of coastal markets like Seattle and San Francisco,\u201d said Caren Morgan, a Redfin agent in New Orleans. \u201cThey\u2019re relieved to find we have a healthy, relatively affordable housing supply and that homes typically remain on the market for about two months before going under contract. That said, bidding wars aren\u2019t uncommon, especially in the hottest parts of the city, but we typically see two or three competing offers, and they rarely go much above the asking price.\u201d <\/span>
\nLooking just at neighborhoods with at least 25 home sales in the past three months, more than 100 neighborhoods nationwide have a Compete Score of 97 or higher, and six have a Compete Score of 100. The vast majority are in the Seattle and San Francisco Bay areas, with the exception of three in Boston–<\/span>East Arlington<\/span><\/a> (100), <\/span>Jamaica Central-South Sumner<\/span><\/a> (98) and <\/span>Arlington Center<\/span><\/a> (98). \u00a0Below are the six most competitive neighborhoods, all with Compete Score ratings of 100.<\/span><\/p>\n

Most Competitive Neighborhoods in the U.S.<\/b><\/h4>\n\n\n\n\n\n\n\n\n\n
Rank<\/b><\/td>\nNeighborhood<\/b><\/td>\nCity<\/b><\/td>\nRedfin Compete Score<\/b><\/td>\n<\/tr>\n
1<\/span><\/td>\nWest Murphy<\/span><\/a><\/td>\nSunnyvale, CA<\/span><\/a><\/td>\n100<\/span><\/td>\n<\/tr>\n
1<\/span><\/td>\nPhinney Ridge<\/span><\/a><\/td>\nSeattle, WA<\/span><\/td>\n100<\/span><\/td>\n<\/tr>\n
1<\/span><\/td>\nEast Arlington<\/span><\/td>\nArlington, MA<\/span><\/a><\/td>\n100<\/span><\/td>\n<\/tr>\n
1<\/span><\/td>\nNortheast Spring Glen<\/span><\/a><\/td>\nRenton, WA<\/span><\/a><\/td>\n100<\/span><\/td>\n<\/tr>\n
1<\/span><\/td>\nLicton Springs<\/span><\/a><\/td>\nSeattle, WA<\/span><\/td>\n100<\/span><\/td>\n<\/tr>\n
1<\/span><\/td>\nNorth College Park<\/span><\/a><\/td>\nSeattle, WA<\/span><\/td>\n100<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u201cHomes I\u2019ve recently sold in East Arlington have received eight to 10 bids, with the winning offer significantly higher than the asking price and all contingencies waived,\u201d said Joseph Pollack, a Redfin agent in Boston. \u201cEven if a buyer is not paying all cash, they are making their offers as competitive as possible by waiving the mortgage and appraisal contingencies. Sellers are not only looking for top dollar; they’re looking for offers that minimize any risk that the deal could fall through.\u201d<\/span>
\nAmong neighborhoods that had at least 25 home sales in the past three months, 65 neighborhoods nationwide have a Compete Score of 10 or lower. Most of the least competitive neighborhoods can be found in South Florida and Hawaii. Outside of those tropical locations, the nation\u2019s least competitive neighborhoods include destinations like the <\/span>French Quarter<\/span><\/a> in <\/span>New Orleans<\/span><\/a> (4), <\/span>South of Broad<\/span><\/a> (8) in <\/span>Charleston<\/span><\/a> and <\/span>Arcadian Shores<\/span><\/a> (8) in <\/span>Myrtle Beach, S.C.<\/span><\/a>, as well as <\/span>Lower Chelsea<\/span><\/a> (6) in <\/span>Atlantic City<\/span><\/a> and <\/span>Downtown Ocean City<\/span><\/a> (8), N.J.<\/span><\/p>\n

Least Competitive Neighborhoods in the U.S.<\/b><\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/b><\/td>\nNeighborhood<\/b><\/td>\nCity<\/b><\/td>\nRedfin Compete Score<\/b><\/td>\n<\/tr>\n
1<\/span><\/td>\nKoloa Ahupua`a<\/span><\/a><\/td>\nPoipu, HI<\/span><\/a><\/td>\n1<\/span><\/td>\n<\/tr>\n
1<\/span><\/td>\nIbis<\/span><\/a><\/td>\nWest Palm Beach, FL<\/span><\/a><\/td>\n1<\/span><\/td>\n<\/tr>\n
2<\/span><\/td>\nBayshore<\/span><\/a><\/td>\nMiami Beach, FL<\/span><\/a><\/td>\n3<\/span><\/td>\n<\/tr>\n
2<\/span><\/td>\nBoca West<\/span><\/a><\/td>\nBoca Raton, FL<\/span><\/a><\/td>\n3<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nDowntown Fort Lauderdale<\/span><\/a><\/td>\nFort Lauderdale, FL<\/span><\/a><\/td>\n4<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nRio Vista<\/span><\/a><\/td>\nFort Lauderdale, FL<\/span><\/td>\n4<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nKa’u<\/span><\/a><\/td>\nHawaiian Ocean View, HI<\/span><\/a><\/td>\n4<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nKoloa<\/span><\/a><\/td>\nLawai, HI<\/span><\/a><\/td>\n4<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nVillage of Key Biscayne<\/span><\/a><\/td>\nKey Biscayne, FL<\/span><\/a><\/td>\n4<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nSurfside<\/span><\/a><\/td>\nSurfside, FL<\/span><\/a><\/td>\n4<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nMiami Riverwalk<\/span><\/a><\/td>\nMiami, FL<\/span><\/a><\/td>\n4<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nDowntown<\/span><\/a><\/td>\nMiami, FL<\/span><\/td>\n4<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nCentral Business District<\/span><\/a><\/td>\nMiami, FL<\/span><\/td>\n4<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nFrench Quarter<\/span><\/td>\nNew Orleans, LA<\/span><\/td>\n4<\/span><\/td>\n<\/tr>\n
3<\/span><\/td>\nSouthside Slopes<\/span><\/a><\/td>\nPittsburgh, PA<\/span><\/a><\/td>\n4<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u201cIt\u2019s no coincidence that many of the least competitive areas happen to be luxury neighborhoods,\u201d said Marr. \u201cSince there\u2019s a small pool of prospective buyers for high-priced homes, they tend to stay on the market longer and sell for less relative to their asking price than median-priced homes. It\u2019s also unsurprising to see South Florida neighborhoods so prominent on the least-competitive list, as the supply of luxury homes has been relatively ample.\u201d <\/span>
\nCurious about the level of competition in your area? Search for your city or neighborhood in the charts below. For the most up-to-date information, <\/span>search<\/span><\/a> for your desired area on Redfin.com and the Compete Score for that area will appear at the top of the Home Values page.<\/span><\/p>\n