You’d expect bidding wars in major cities such as San Francisco, Boston, and New York—but Akron, Ohio? The Midwestern town has seen the biggest spike in multiple-offer situations on listings in the nation, according to realtor.com®. And as housing demand picks up in the spring, ushering in the typically busy selling season across the nation, other unassuming metros are becoming hotbeds for buyer competition. “Multiple-offer scenarios are no longer reserved for the usual big, fast-moving markets,” says Javier Vivas, director of economic research at realtor.com®. “Demand for homes has spilled outward into secondary, smaller markets, and more buyers are gearing up to face fierce competition in more places around the country.”
Realtor.com® pinpointed the cities that have seen the most acute spikes in bidding wars by looking at the percentage of homes that have sold above their asking prices. The site evaluated listing and sales data from March 2015 to February 2016 and then compared it to data from March 2017 to February 2018. The following seven locales saw the biggest upticks in the percentages of homes selling above asking price:
1. Akron, Ohio
- Share of homes selling above ask: 20.6 percent
- Increase in the share of homes selling above ask: 91.7 percent
2. Worcester, Mass.
- Share of homes selling above ask: 41.5 percent
- Increase in the share of homes selling above ask: 88.1 percent
3. Lexington, Ky.
- Share of homes selling above ask: 22.7 percent
- Increase in the share of homes selling above ask: 86.4 percent
4. Irvine, Calif.
- Share of homes selling above ask: 30.3 percent
- Increase in the share of homes selling above ask: 85.5 percent
5. Greensboro, N.C.
- Share of homes selling above ask: 29 percent
- Increase in the share of homes selling above ask: 81 percent
6. Sioux Falls, S.D.
- Share of homes selling above ask: 32.8 percent
- Increase in the share of homes selling above ask: 74.2 percent
7. Madison, Wis.
- Share of homes selling above ask: 40.9 percent
- Increase in the share of homes selling above ask: 73.4 percent
Source: “Housing Knife Fights! 10 Surprising Cities Where Bidding Wars Are Booming,” realtor.com® (April 23, 2018)
