Published June 22, 2022

Home Buyer Competition Easing Slightly

Written by Jamie Reece

Home Buyer Competition Easing Slightly header image.

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.

Home Buyer Competition Easing Slightly

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