{"id":64553,"date":"2018-12-12T04:45:14","date_gmt":"2018-12-12T12:45:14","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=64553"},"modified":"2020-10-06T12:57:22","modified_gmt":"2020-10-06T19:57:22","slug":"bidding-wars-plummet-to-an-eight-year-low","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/bidding-wars-plummet-to-an-eight-year-low\/","title":{"rendered":"Bidding Wars Plummet to an Eight-Year Low, but Buyers Still Face Competition Most of the Time in These Zip Codes"},"content":{"rendered":"

Despite a cooling market, bidding wars remain the norm in hot California, Boston and D.C. zip codes<\/h2>\n

Thirty-two percent of offers written by Redfin agents on behalf of their home-buying customers in November faced competition (one or more competing bids), down from 45 percent a year earlier, marking an all-time low since Redfin began tracking this data in 2011. But homebuyers in coastal markets should wait before breathing a sigh of relief. Some zip codes in the markets that are cooling the fastest are still hotbeds for bidding wars. Topping the list are 94602<\/a> (Oakmore<\/a>, Glenview<\/a> and Lincoln Highlands<\/a>) in Oakland, Calif.<\/a>, 20009<\/a> (U Street Corridor<\/a>, Adams Morgan<\/a>, Columbia Heights<\/a> and Shaw) in Washington, D.C.<\/a>, and 92870<\/a> (Placentia<\/a>) in Orange County, Calif.<\/a>, all with 85 percent or more of Redfin offers facing competition.<\/p>\n

Zip codes where 70 percent or more of homebuyer offers written by Redfin agents faced competition over the past three months<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/th>\nZip Code<\/th>\nMetro Area<\/th>\nCity \/ Neighborhoods<\/th>\nShare of Redfin Offers that Faced Competition (Sept. – Nov. 2018)<\/th>\nShare of Redfin Offers that Faced Competition (Jan. – Aug. 2018)<\/th>\nShare of Redfin Offers that Faced Competition (Sept. – Nov. 2017)\n\t\t<\/th>\n<\/tr>\n<\/thead>\n
1<\/td>\n94602<\/a><\/td>\nOakland, CA<\/a><\/td>\nOakmore<\/a>, Glenview<\/a>, Lincoln Highlands<\/a><\/td>\n90%<\/td>\n93%<\/td>\n100%<\/td>\n<\/tr>\n
2<\/td>\n20009<\/a><\/td>\nWashington, D.C.<\/a><\/td>\nAdams Morgan<\/a>, Cardozo<\/a><\/td>\n85%<\/td>\n70%<\/td>\n67%<\/td>\n<\/tr>\n
2<\/td>\n92870<\/a><\/td>\nOrange County, CA<\/a><\/td>\nPlacentia<\/a><\/td>\n85%<\/td>\n69%<\/td>\n67%<\/td>\n<\/tr>\n
3<\/td>\n94110<\/a><\/td>\nSan Francisco, CA<\/a><\/td>\nMission District<\/a><\/td>\n80%<\/td>\n83%<\/td>\nN\/A*<\/td>\n<\/tr>\n
3<\/td>\n20904<\/a><\/td>\nWashington, D.C.<\/a><\/td>\nSilver Spring, MD<\/a><\/td>\n80%<\/td>\n63%<\/td>\n83%<\/td>\n<\/tr>\n
3<\/td>\n01890<\/a><\/td>\nBoston, MA<\/a><\/td>\nWinchester<\/a><\/td>\n80%<\/td>\n63%<\/td>\nN\/A*<\/td>\n<\/tr>\n
4<\/td>\n02476<\/a><\/td>\nBoston, MA<\/a><\/td>\nArlington Heights<\/a><\/td>\n79%<\/td>\n94%<\/td>\nN\/A*<\/td>\n<\/tr>\n
4<\/td>\n02148<\/a><\/td>\nBoston, MA<\/a><\/td>\nMalden<\/a><\/td>\n79%<\/td>\n88%<\/td>\n100%<\/td>\n<\/tr>\n
5<\/td>\n95630<\/a><\/td>\nSacramento, CA<\/a><\/td>\nFolsom<\/a><\/td>\n73%<\/td>\n64%<\/td>\n44%<\/td>\n<\/tr>\n
5<\/td>\n95035<\/a><\/td>\nSan Jose, CA<\/a><\/td>\nMilpitas<\/a><\/td>\n73%<\/td>\n76%<\/td>\n78%<\/td>\n<\/tr>\n
6<\/td>\n01801<\/a><\/td>\nBoston, MA<\/a><\/td>\nWoburn<\/a><\/td>\n70%<\/td>\n69%<\/td>\nN\/A*<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

*Some zip codes did not have a large enough volume of Redfin offers from Sept. – Nov. 2017 to calculate a reliable bidding war rate.<\/em>
\n“There aren\u2019t many homes for sale in and around the city of Boston right now,\u201d said Redfin agent Luke Welling<\/a>. \u201cBidding wars are still the norm in Arlington Heights<\/a>, Malden<\/a>, and the Somerville <\/a>and Cambridge<\/a> areas. Proximity to Boston and the local universities, coupled with highly rated schools in the surrounding towns make these neighborhoods sought-after destinations for many homebuyers. Buyers still need to make offers well over asking price to win a home.\u201d
\nOne previously red-hot market is notably absent from the list: Seattle<\/a>. The only Seattle zip code where more than half of Redfin offers faced competition in the last three months was 98115<\/a>, which encompasses the Seattle neighborhoods of Maple Leaf<\/a>, Wedgwood<\/a>, and View Ridge<\/a>.<\/p>\n

Bidding War Rate Falls to Eight-Year Low<\/figure>\n

During the spring selling season earlier this year three out of four offers in Seattle faced competition. As of November only about one of every four offers in the Seattle area faced competition, one of the lowest rates among Redfin\u2019s largest markets.
\nHere is the list of bidding war rates for each of the largest metro areas Redfin agents serve.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Metro Area<\/th>\nShare of Redfin Offers that Faced Competition (Nov. 2018)<\/th>\nShare of Redfin Offers that Faced Competition (Nov. 2017)<\/th>\n<\/tr>\n<\/thead>\n
Sacramento, CA<\/a><\/td>\n45.5%<\/td>\n51.4%<\/td>\n<\/tr>\n
San Francisco, CA<\/a><\/td>\n45.3%<\/td>\n75.1%<\/td>\n<\/tr>\n
Los Angeles, CA<\/a><\/td>\n38.3%<\/td>\n68.0%<\/td>\n<\/tr>\n
San Diego, CA<\/a><\/td>\n37.7%<\/td>\n57.5%<\/td>\n<\/tr>\n
Boston, MA<\/a><\/td>\n37.3%<\/td>\n44.0%<\/td>\n<\/tr>\n
Washington, D.C.<\/a><\/td>\n37.0%<\/td>\n37.6%<\/td>\n<\/tr>\n
Philadelphia, PA<\/a><\/td>\n36.5%<\/td>\n30.0%<\/td>\n<\/tr>\n
Portland, OR<\/a><\/td>\n33.7%<\/td>\n33.3%<\/td>\n<\/tr>\n
Denver, CO<\/a><\/td>\n27.2%<\/td>\n42.2%<\/td>\n<\/tr>\n
Dallas, TX<\/a><\/td>\n26.2%<\/td>\n35.8%<\/td>\n<\/tr>\n
Chicago, IL<\/a><\/td>\n25.2%<\/td>\n28.0%<\/td>\n<\/tr>\n
Phoenix, AZ<\/a><\/td>\n24.7%<\/td>\n25.4%<\/td>\n<\/tr>\n
Seattle, WA<\/a><\/td>\n24.5%<\/td>\n58.2%<\/td>\n<\/tr>\n
Atlanta, GA<\/a><\/td>\n23.1%<\/td>\n23.7%<\/td>\n<\/tr>\n
Houston, TX<\/a><\/td>\n21.1%<\/td>\n29.2%<\/td>\n<\/tr>\n
Austin, TX<\/a><\/td>\n20.6%<\/td>\n29.8%<\/td>\n<\/tr>\n
Raleigh, NC<\/a><\/td>\n20.0%<\/td>\n40.0%<\/td>\n<\/tr>\n
Miami, FL<\/a><\/td>\n19.4%<\/td>\n31.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Philadelphia was the only metro areas where buyers faced significantly more competition in November 2018 than in November 2017. Philadelphia is one of the markets where inventory is shrinking and homes are selling faster and for more money<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite a cooling market, bidding wars remain the norm in hot California, Boston and D.C. zip codes Thirty-two percent of offers written by Redfin agents on behalf of their home-buying customers in November faced competition (one or more competing bids), down from 45 percent a year earlier, marking an all-time low since Redfin began tracking […]<\/p>\n","protected":false},"author":13505,"featured_media":64555,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[23,8],"tags":[32],"dashboard":[],"coauthors":[],"class_list":["post-64553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bidding-wars","category-housing-market-news","tag-housing-market-tracker"],"acf":[],"yoast_head":"\nBidding Wars Plummet to an Eight-Year Low, but Buyers Still Face Competition Most of the Time in These Zip Codes - Redfin Real Estate News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/bidding-wars-plummet-to-an-eight-year-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bidding Wars Plummet to an Eight-Year Low, but Buyers Still Face Competition Most of the Time in These Zip Codes\" \/>\n<meta property=\"og:description\" content=\"Despite a cooling market, bidding wars remain the norm in hot California, Boston and D.C. zip codes Thirty-two percent of offers written by Redfin agents on behalf of their home-buying customers in November faced competition (one or more competing bids), down from 45 percent a year earlier, marking an all-time low since Redfin began tracking […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/bidding-wars-plummet-to-an-eight-year-low\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-12T12:45:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-06T19:57:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2018\/12\/Redfin-Bidding-Wars_NationalSeattle_2018-11.png\" \/>\n\t<meta property=\"og:image:width\" content=\"816\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Tim Ellis\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tim Ellis\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/bidding-wars-plummet-to-an-eight-year-low\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/bidding-wars-plummet-to-an-eight-year-low\\\/\"},\"author\":{\"name\":\"Tim Ellis\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/18d447d70adabf376e05ea45cfb78a2e\"},\"headline\":\"Bidding Wars Plummet to an Eight-Year Low, but Buyers Still Face Competition Most of the Time in These Zip Codes\",\"datePublished\":\"2018-12-12T12:45:14+00:00\",\"dateModified\":\"2020-10-06T19:57:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/bidding-wars-plummet-to-an-eight-year-low\\\/\"},\"wordCount\":558,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/bidding-wars-plummet-to-an-eight-year-low\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2018\\\/12\\\/Redfin-Bidding-Wars_NationalSeattle_2018-11.png\",\"keywords\":[\"Housing Market Tracker\"],\"articleSection\":[\"Bidding Wars\",\"Housing Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/bidding-wars-plummet-to-an-eight-year-low\\\/#respond\"]}],\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/bidding-wars-plummet-to-an-eight-year-low\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/bidding-wars-plummet-to-an-eight-year-low\\\/\",\"name\":\"Bidding Wars Plummet to an Eight-Year Low, but Buyers Still Face Competition Most of the Time in These Zip Codes - 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