As the market shifts, we're seeing declining levels of competitive offers across most of the United States. Here's the data from a recent report from Redfin on the levels of multiple offers they experienced in 36 markets in May 2022 vs. May 2021 across the country:
| U.S. metro area | 2022 | 2021 | 22 v '21 |
| 1 | Las Vegas, NV | 74.50% | 65.40% | 9.10% |
| 2 | Worcester, MA | 81.80% | 77.30% | 4.50% |
| 3 | Miami, FL | 63.20% | 62.10% | 1.10% |
| 4 | Philadelphia, PA | 69.30% | 70.90% | -1.60% |
| 5 | Dallas, TX | 72.30% | 74.30% | -2.00% |
| 6 | New York, NY | 53.40% | 57.00% | -3.60% |
| 7 | Boston, MA | 72.60% | 76.40% | -3.80% |
| 8 | Chicago, IL | 61.70% | 66.00% | -4.30% |
| 9 | Indianapolis, IN | 69.00% | 73.40% | -4.40% |
| 10 | Nashville, TN | 67.20% | 73.30% | -6.10% |
| 11 | Los Angeles, CA | 66.60% | 74.00% | -7.40% |
| 12 | Sacramento, CA | 56.60% | 65.20% | -8.60% |
| 13 | Houston, TX | 54.00% | 62.70% | -8.70% |
| 14 | Colorado Springs, CO | 54.50% | 63.80% | -9.30% |
| 15 | Washington, D.C. | 61.10% | 70.60% | -9.50% |
| 16 | San Diego, CA | 68.00% | 77.50% | -9.50% |
| 17 | Baltimore, MD | 67.00% | 77.10% | -10.10% |
| 18 | San Antonio, TX | 56.70% | 67.20% | -10.50% |
| 19 | Detroit, MI | 67.60% | 79.00% | -11.40% |
| 20 | Austin, TX | 56.80% | 68.60% | -11.80% |
| 21 | Tampa, FL | 54.20% | 66.70% | -12.50% |
| 22 | Seattle, WA | 61.20% | 75.50% | -14.30% |
| 23 | Atlanta, GA | 50.20% | 64.60% | -14.40% |
| 24 | Phoenix, AZ | 54.10% | 68.80% | -14.70% |
| 25 | Honolulu, HI | 47.80% | 62.50% | -14.70% |
| 26 | Denver, CO | 61.60% | 77.20% | -15.60% |
| 27 | Olympia, WA | 47.20% | 63.40% | -16.20% |
| 28 | Portland, OR | 60.50% | 76.90% | -16.40% |
| 29 | San Jose, CA | 58.50% | 75.80% | -17.30% |
| 30 | Minneapolis, MN | 48.70% | 66.30% | -17.60% |
| 31 | Charlotte, NC | 58.90% | 76.90% | -18.00% |
| 32 | Orlando, FL | 51.00% | 71.00% | -20.00% |
| 33 | San Francisco, CA | 57.70% | 78.20% | -20.50% |
| 34 | Raleigh, NC | 52.20% | 82.90% | -30.70% |
| 35 | Riverside, CA | 41.00% | 73.70% | -32.70% |
| 36 | Providence, RI | 45.30% | 82.70% | -37.40% |
What's interesting here is they are still seeing very high levels of multiple offers in the Seattle area with more than 60% of their buyers competing against other buyers. So while the level of competition is decreasing, it is still a market weighted toward sellers in many areas of the country.
Though, keep in mind this is data from one company which represents only about 1.8% of the overall market share of transactions, and tends to focus on the core of these metropolitan areas. Therefore, their data could be only a focused snapshot of the broader market. If you are looking to buy, sell or invest, you'll want to get a much more focused look at your local market... to do this, give us a call.
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