Seattle saw fewer bidding wars in March, but remains among most competitive homebuying markets
Seattle metro-area homes saw the seventh-highest rate of bidding wars in the country in March. But the share of offers that faced competition dropped slightly compared to the previous month, according to a new analysis by Redfin, a Seattle-based real estate brokerage.
That was true nationwide, as well, for offers written by Redfin agents. Most homebuyers still face bidding wars, but this is the first national month-over-month decline since September. However, compared to the same time last year, there was still an increase in competition – both in Seattle and nationally.
“We expect bidding wars to ease further in the coming months as rising mortgage rates price more buyers out of the market,” Daryl Fairweather, Redfin's chief economist, said in a news release. “That should provide some relief for people who can still afford to buy, as they’ll likely face fewer competing offers and may no longer need to offer drastically over the asking price in order to win. Unfortunately, the slowdown in competition won’t help those who have already been priced out of homeownership and are now grappling with soaring rental costs.”
The Seattle area's median home value grew to $771,631 in March, according to data from Seattle real estate technology company Zillow Group. That's a nearly 25% increase from March 2021, when the median home value was $618,189.
https://www.bizjournals.com/seattle/news/2022/04/28/seattle-remains-competitive-housing-market.html
