Raleigh Receives Highest Bidding War Rate in the U.S.
According to a new report from The Chamber For a Greater Chapel-Hill Carrboro, the Raleigh market ranked #1 when it came to the percentage of homes getting multiple offers.
Using data obtained from Redfin and Zonda, Raleigh had the highest bidding war rate of the 45 U.S. metropolitan areas at an incredible 86.7 percent. Next came the Bay Area, Tuscan, AZ, Cincinnati, OH, and Salt Lake City, UT.
Cooling temperatures bring a typical seasonal slowdown for the housing market, in turn, easing competition, but homes are still selling faster than usual for this time of year. The demand for housing is mainly due to the ongoing shortage of homes across the country.
“It’s typical to see a decline in competition as families head back to school and the weather cools down,” said Redfin Deputy Chief Economist Taylor Marr. “Buyers also aren’t having to offer as much above the asking price as they were in the spring when competition in the housing market was peaking. As mortgage rates continue to rise, we can expect bidding wars to keep slowing.”
Inventory is extremely limited, now is still a great time to sell. Let our experts at BOLD Real Estate help you make a BOLD real estate move TODAY! Call us at 919.590.0266 to get connected with one of our fantastic agents.