Redfin has introduced a new metric on its platform, the Compete Score, for home searchers to assess how competitive a market is.
The Compete Score ranks a city based on the number of competing offers, days on market, sale to list ratio, and waived contingencies. The 10 most competitive cities are mostly in California, with Fremont and San Jose tied for first with Seattle. Oakland, Calif. holds the second spot, and San Francisco is tied for third with Aurora, Colo., per Redfin's data. The 10 least competitive cities are mostly concentrated in the South and Northeast.
“Many of the most competitive cities are tech hubs that have attracted an influx of people moving to the area for jobs, unmatched by the creation of new homes,” said Taylor Marr, senior economist at Redfin. “This has led to intense competition and rising home prices. In San Francisco, Seattle and Denver, homes have become so expensive that many people are moving elsewhere in search of more affordable and less competitive housing markets.”
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