More than half of Redfin listings (54%) experienced bidding wars in November, down only 4 percentage points from the previous month, according to the online broker’s new report.
Areas with a high rate of new listings have among the highest rates for bidding wars, as well, Redfin Chief Economist Daryl Fairweather said in the report.
“Buyers aren’t going to compete for homes that have been sitting on the market,” Fairweather said. “They will typically only get into a bidding war for a newly-listed, desirable home that is move-in ready.”
Condos listed on Redfin faced substantially fewer bidding wars at 38.3%. That’s nearly 20 percentage points behind the 57.3% of single-family homes that received multiple offers and 48.7% for townhouses.
In Chicago, 36.4% of homes on the market experienced bidding wars in November, down from 41.7% the previous month.