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3 Competitive Housing Markets Where You’ll Likely End Up in a Bidding War

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June 08, 2024
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©Shutterstock.com

Today’s housing market is a wild mix of high interest rates, low inventory and rising prices. But that’s not all that makes it tough for buyers — in several cities, there are costly bidding wars, making it much more challenging for people to own a home. Houses are selling quickly, and in November 2023, 62% of properties sold in less than a month, according to the National Association of Realtors.

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It’s still a competitive market with sellers getting multiple offers, and here are three cities you’ll likely end up in a bidding war over.

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1. Rochester, New York

Located in Upstate New York, on the southern shore of Lake Ontario, Rochester is a desirable place to live and affordable. It costs 21% less to live than the state average, and it’s also one of the top competitive housing markets.

“Homes in Rochester receive 10 offers on average and sell in around 11 days,” according to Redfin.

  • As of May 2024, the median sale price of a home in Rochester was $151,000, up 20.4% from last year.

  • Rochester’s median sale price per square foot is $100.

San Jose, California

Centered in the heart of Silicon Valley, San Jose’s booming tech industry is just one of the many reasons people live in the sunny California city. While it’s also an innovative and creative area, it’s pricey. The cost of living is “27% higher than the state average and 75% higher than the national average,” per RentCafe, and the housing market is skyrocketing.

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“In April 2024, San Jose home prices were up 13.6% compared to last year,” per Redfin.

  • The median price of a home in San Jose is $1.5 million.

  • “On average, homes in San Jose sell after 9 days on the market compared to 10 days last year,” Redfin stated, with most homes receiving multiple offers, often with waived contingencies.

Worcester, Massachusetts

Located 40 miles from Boston, Worcester, Massachusetts has a competitive housing market. Most homes sell for 3% above list price in 19 days, according to Redfin.

  • Many homes receive 6 offers on average, ​​some with waived contingencies.

  • In May 2024, the median sale price of a home in Worcester was $431,000, up 7.6% since last year.

  • The median sale price per square foot for homes in Worcester also increased to $283, up 13.7% since last year.

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This article originally appeared on GOBankingRates.com: 3 Competitive Housing Markets Where You’ll Likely End Up in a Bidding War

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