![\"\"](\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/06\/bidding-wars-chart.png\")
<\/p>\nIn May, 70.4% of home offers written by Redfin agents faced competition, down from a revised rate of 73.6% in April but still up significantly from 52.7% in May 2020. It\u2019s important to note that May 2020 housing-market activity was impacted by pandemic stay-at-home orders.<\/p>\n
<\/p>\n
An offer is considered part of a bidding war if a Redfin agent reported that it faced at least one competing bid. This data is subject to revision.<\/p>\n
Competition typically tapers in the early summer following spring homebuying season, so seasonality may be contributing to the dip in the May bidding-war rate. Early signals of a cooldown in the housing market may also be a factor.<\/p>\n
American house hunters have grappled with record-breaking levels of competition during the coronavirus pandemic as homebuyer demand has skyrocketed due to low mortgage rates and flexible work policies. This has intensified<\/a>\u00a0an existing housing shortage, which has also fueled fierce bidding wars. But there are signs that the red-hot market may be cooling ever so slightly; home-purchase applications have been on the decline since late March and pending sales recently fell<\/a> 10% from their peak about a month ago. As Redfin Chief Economist Daryl Fairweather<\/a> put it earlier<\/a> this month, \u201cThe housing market was going 100 miles per hour and now it\u2019s down to 80.\u201d<\/p>\n Competition is likely starting to level off as well, and may have already hit its peak, according to Fairweather.<\/p>\n \u201cAfter months of surging prices and low inventory, some house hunters are moving to the sidelines\u2014either because they\u2019re priced out or burned out,\u201d Fairweather said. \u201cAmericans are spending more of their money on things like travel and dining out now that pandemic restrictions are being lifted.\u201d<\/p>\n Spokane, WA<\/a> had the highest bidding-war rate of the 50 U.S. metropolitan areas in this analysis, with 86.7% of offers written by Redfin agents facing competition in May. Next came Raleigh, NC<\/a>, at 84.5%, and Tucson, AZ<\/a>, at 81.8%. Salt Lake City<\/a> and Charleston, SC<\/a> rounded out the top five, with bidding-war rates of 81.5% and 79.3%, respectively.\u00a0<\/p>\n Metros must have had at least 20 offers recorded by Redfin agents in both May 2021 and April 2021 to be included in this analysis.<\/p>\n In San Diego<\/a>, the bidding-war rate was 74.6% in May. While that\u2019s still relatively high, it\u2019s down from 86.2% in April, representing one of the largest month-over-month declines among the metros in this analysis.\u00a0<\/p>\n \u201cCompetition is still high, but the good news is buyers are having to make fewer offers to win bidding wars,\u201d said John Copeland<\/a>, a Redfin real estate agent in San Diego<\/a>. \u201cA few months ago, buyers were bidding on three to five homes before winning. Now it\u2019s more like one to two. Part of that is buyers grasping the reality of the market; they\u2019ve become more educated about what they need to do to win<\/a>, so they no longer need to make as many offers.\u201d<\/p>\n To be included in the table below, metros must have had at least 20 offers recorded by Redfin agents in both May 2021 and April 2021. The table is sorted by highest to lowest bidding-war rates in May 2021. Blank spaces in the May 2020 column represent metros for which there were fewer than 20 offers submitted by Redfin agents that month.Spokane and Raleigh Have the Highest Bidding-War Rates<\/h3>\n
Bidding-War Rates by Metro Area<\/h3>\n
\n\n
| U.S. Metro Area<\/b><\/th> | Share of Redfin offers that faced bidding wars in May 2021<\/b><\/th> | Share of Redfin offers that faced bidding wars in April 2021<\/b><\/th> | Share of Redfin offers that faced bidding wars in May 2020<\/b><\/th>\n<\/tr>\n<\/thead>\n\n| Spokane, WA<\/a><\/td> | 86.7%<\/td> | 83.3%<\/td> | \u2014<\/td>\n<\/tr>\n | Raleigh, NC<\/a><\/td> | 84.5%<\/td> | 80.4%<\/td> | 43.9%<\/td>\n<\/tr>\n | Tucson, AZ<\/a><\/td> | 81.8%<\/td> | 69.2%<\/td> | 43.5%<\/td>\n<\/tr>\n | Salt Lake City, UT<\/a><\/td> | 81.5%<\/td> | 84.3%<\/td> | 61.7%<\/td>\n<\/tr>\n | Charleston, SC<\/a><\/td> | 79.3%<\/td> | 77.8%<\/td> | \u2014<\/td>\n<\/tr>\n | Nashville, TN<\/a><\/td> | 78.4%<\/td> | 75.4%<\/td> | 32.4%<\/td>\n<\/tr>\n | Boston, MA<\/a><\/td> | 78.3%<\/td> | 80.3%<\/td> | 67.2%<\/td>\n<\/tr>\n | Richmond, VA<\/a><\/td> | 78.1%<\/td> | 78.6%<\/td> | 55.6%<\/td>\n<\/tr>\n | Virginia Beach, VA<\/a><\/td> | 76.6%<\/td> | 78.3%<\/td> | 50.0%<\/td>\n<\/tr>\n | Denver, CO<\/a><\/td> | 76.3%<\/td> | 79.6%<\/td> | 56.0%<\/td>\n<\/tr>\n | Charlotte, NC<\/a><\/td> | 75.6%<\/td> | 79.1%<\/td> | 34.9%<\/td>\n<\/tr>\n | Bakersfield, CA<\/a><\/td> | 75.0%<\/td> | 56.7%<\/td> | \u2014<\/td>\n<\/tr>\n | Cape Coral, FL<\/a><\/td> | 75.0%<\/td> | 59.1%<\/td> | \u2014<\/td>\n<\/tr>\n | Kansas City, MO<\/a><\/td> | 75.0%<\/td> | 85.0%<\/td> | \u2014<\/td>\n<\/tr>\n | San Francisco<\/a> \/ San Jose, CA<\/a><\/td> | 74.9%<\/td> | 74.7%<\/td> | 55.8%<\/td>\n<\/tr>\n | San Diego, CA<\/a><\/td> | 74.6%<\/td> | 86.2%<\/td> | 53.7%<\/td>\n<\/tr>\n | Seattle, WA<\/a><\/td> | 74.1%<\/td> | 79.2%<\/td> | 56.8%<\/td>\n<\/tr>\n | Greenville, SC<\/a><\/td> | 73.9%<\/td> | 61.9%<\/td> | \u2014<\/td>\n<\/tr>\n | Phoenix, AZ<\/a><\/td> | 73.9%<\/td> | 74.3%<\/td> | 43.5%<\/td>\n<\/tr>\n | Portland, OR<\/a><\/td> | 73.7%<\/td> | 75.4%<\/td> | 56.4%<\/td>\n<\/tr>\n | Indianapolis, IN<\/a><\/td> | 73.4%<\/td> | 78.9%<\/td> | 53.6%<\/td>\n<\/tr>\n | Boise, ID<\/a><\/td> | 72.7%<\/td> | 81.8%<\/td> | \u2014<\/td>\n<\/tr>\n | Washington, D.C.<\/a><\/td> | 72.1%<\/td> | 79.0%<\/td> | 58.8%<\/td>\n<\/tr>\n | Philadelphia, PA<\/a><\/td> | 71.9%<\/td> | 69.3%<\/td> | 49.0%<\/td>\n<\/tr>\n | Reno, NV<\/a><\/td> | 71.9%<\/td> | 75.0%<\/td> | \u2014<\/td>\n<\/tr>\n | Detroit, MI<\/a><\/td> | 71.7%<\/td> | 70.4%<\/td> | 51.3%<\/td>\n<\/tr>\n | Cincinnati, OH<\/a><\/td> | 71.0%<\/td> | 62.5%<\/td> | \u2014<\/td>\n<\/tr>\n | Pittsburgh, PA<\/a><\/td> | 70.9%<\/td> | 69.1%<\/td> | 41.7%<\/td>\n<\/tr>\n | Columbus, OH<\/a><\/td> | 70.3%<\/td> | 71.2%<\/td> | 60.5%<\/td>\n<\/tr>\n | Dallas, TX<\/a><\/td> | 70.3%<\/td> | 79.1%<\/td> | 60.6%<\/td>\n<\/tr>\n | Tampa, FL<\/a><\/td> | 69.1%<\/td> | 69.9%<\/td> | 30.0%<\/td>\n<\/tr>\n | Austin, TX<\/a><\/td> | 68.6%<\/td> | 73.4%<\/td> | 55.2%<\/td>\n<\/tr>\n | Oklahoma City, OK<\/a><\/td> | 68.4%<\/td> | 56.8%<\/td> | 25.0%<\/td>\n<\/tr>\n | Los Angeles, CA<\/a><\/td> | 67.9%<\/td> | 69.4%<\/td> | 62.2%<\/td>\n<\/tr>\n | San Antonio, TX<\/a><\/td> | 65.6%<\/td> | 74.5%<\/td> | 58.3%<\/td>\n<\/tr>\n | Las Vegas, NV<\/a><\/td> | 65.3%<\/td> | 73.3%<\/td> | 37.1%<\/td>\n<\/tr>\n | Chicago, IL<\/a><\/td> | 64.8%<\/td> | 66.8%<\/td> | 37.7%<\/td>\n<\/tr>\n | Orlando, FL<\/a><\/td> | 64.4%<\/td> | 67.7%<\/td> | 35.4%<\/td>\n<\/tr>\n | Bend, OR<\/a><\/td> | 63.6%<\/td> | 60.0%<\/td> | \u2014<\/td>\n<\/tr>\n | Colorado Springs, CO<\/a><\/td> | 63.2%<\/td> | 67.1%<\/td> | \u2014<\/td>\n<\/tr>\n | Sacramento, CA<\/a><\/td> | 62.6%<\/td> | 71.9%<\/td> | 50.4%<\/td>\n<\/tr>\n | Atlanta, GA<\/a><\/td> | 61.3%<\/td> | 68.6%<\/td> | 44.9%<\/td>\n<\/tr>\n | Houston, TX<\/a><\/td> | 61.2%<\/td> | 63.5%<\/td> | 41.1%<\/td>\n<\/tr>\n | Minneapolis, MN<\/a><\/td> | 61.1%<\/td> | 69.7%<\/td> | 51.4%<\/td>\n<\/tr>\n | Honolulu, HI<\/a><\/td> | 60.8%<\/td> | 75.6%<\/td> | 54.1%<\/td>\n<\/tr>\n | Fort Collins, CO<\/a><\/td> | 60.0%<\/td> | 78.3%<\/td> | \u2014<\/td>\n<\/tr>\n | Miami, FL<\/a><\/td> | 57.2%<\/td> | 55.4%<\/td> | 32.2%<\/td>\n<\/tr>\n | New York, NY<\/a><\/td> | 53.1%<\/td> | 63.6%<\/td> | 50.0%<\/td>\n<\/tr>\n | Cleveland, OH<\/a><\/td> | 51.6%<\/td> | 71.4%<\/td> | 55.0%<\/td>\n<\/tr>\n | Jacksonville, FL<\/a><\/td> | 34.4%<\/td> | 46.2%<\/td> | \u2014<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n","protected":false},"excerpt":{"rendered":" | 70% of home offers faced bidding wars in May, down from 74% in April. Still, competition remains far more intense than it was a year ago. In May, 70.4% of home offers written by Redfin agents faced competition, down from a revised rate of 73.6% in April but still up significantly from 52.7% in May […]<\/p>\n","protected":false},"author":13346,"featured_media":72722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","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":"default","adv-header-id-meta":"","stick-header-meta":"default","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":[23,60,8],"tags":[30,9],"dashboard":[],"coauthors":[125],"class_list":["post-72721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bidding-wars","category-coronavirus-housing-market-news","category-housing-market-news","tag-bidding-wars","tag-coronavirus"],"acf":[],"yoast_head":"\n |
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