Homebuyer bidding wars have dropped to the lowest level since January, according to Redfin’s latest report… (Redfin)
- In July, 60.1% of home offers written by Redfin agents faced competition. This was the lowest level of 2021.
- July was down from June’s rate of 66.5% and the peak of 74.1% in April. However, it was up from the 57.9% we saw last July.
Scott Mercer, a Redfin real estate agent in Sacramento, CA, said they are still getting multiple offers just not as many…
- “We’re now seeing five to eight offers on homes instead of 25, and they’re coming in $5,000 to $10,000 above the listing price instead of $50,000 to $60,000,”
NOTE: The biggest decline in month-over-month bidding war rates was Richmond, VA that saw a 37.7% drop followed by New Orleans, LA (-37.5%), Cleveland, OH (-32.1%), Kansas City, MO (-32%), and Sarasota, FL (-28.8%)
