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May 08

Buyers Bidding Wars

buyers competeBuyers Bidding Wars result in a busy real estate market.

Rising interest rates, a demand for housing in challenged markets and a whole lot of buyers—that’s the recipe for a busy market being overtaken by bidding wars. But where are the largest battles being fought? According to a recent realtor.com® report, Akron, Ohio, and Worcester, Mass., are at the top of the list. The report determined which locations are experiencing the biggest increase in bidding wars by analyzing the percentage of homes that sold over listing price in the 150 largest cities in the U.S. from March 2015 to February 2018.

“Multiple-offer scenarios are no longer reserved to the usual big, fast-moving markets,” Director of Economic Research for realtor.com Javier Vivas said in a statement. “Demand for homes has spilled outward into secondary, smaller markets, and more buyers are gearing up to face fierce competition in more places around the country.”

Here are the top 10 cities that saw the biggest percentage increases of homes sold over asking:

  1. Akron, Ohio

Median home list price: $150,000

Share of homes selling above list price: 20.6 percent

Increase in share of homes selling over list price: 91.7 percent

  1. Worcester, Mass.

Median home list price: $286,400

Share of homes selling above list price: 41.5 percent

Increase in share of homes selling over list price: 88.1 percent

  1. Lexington, Ky.

Median home list price: $287,200

Share of homes selling above list price: 22.7 percent

Increase in share of homes selling over list price: 86.4 percent

  1. Irvine, Calif.

Median home list price: $950,000

Share of homes selling above list price: 30.3 percent

Increase in share of homes selling over list price: 85.5 percent

  1. Greensboro, N.C.

Median home list price: $201,700

Share of homes selling above list price: 29 percent

Increase in share of homes selling over list price: 81 percent

  1. Sioux Falls, S.D.

Median home list price: $240,000

Share of homes selling above list price: 32.8 percent

Increase in the share of home selling over list price: 74.2 percent

  1. Madison, Wis.

Median home list price: $317,000

Share of homes selling above list price: 40.9 percent

Increase in the share of homes selling over list price: 73.4 percent

  1. Louisville, Ky.

Median home list price: $242,000

Share of homes selling above list price: 26.1 percent

Increase in the share of homes selling over list price: 69.9 percent

  1. Tacoma, Wash.

Median home list price: $290,000

Share of homes selling above list price: 56.5 percent

Increase in the share of homes selling over list price: 68.4 percent

  1. Little Rock, Ark.

Median home list price: $176,100

Share of homes selling above list price: 13.5 percent

Increase in share of homes selling over list price: 67.5 percent

buyers compete

 

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