If you are looking to buy a new home, be prepared to bargain because this is the seller’s market.
Potential US home buyers are shelling out big bucks for homes during the pandemic as telecommuters and their drive for more luxurious homes help keep demand alive.
Insurify, a personal finance website, ranked 46 states on three metrics used by Seattle-based real estate brokerage platform Redfin to identify battle zones in real estate trading. North Dakota, South Dakota, Montana, and Wyoming did not receive estimates due to unavailability of data for these states.
The first metric is supply months, calculated by dividing inventory by home sales. The resulting coefficient shows how long it will take to buy an offer if no new houses appear on the market. The second metric is the proportion of homes sold above the list price over a given period of time. The third indicator is the number of houses that were contracted within two weeks from the date of their placement.
Here are Insurify’s 10 most competitive real estate markets in ascending order:
With the state’s real estate market 25% more competitive than the national average in 2020, Virginia homes are selling like hotcakes 37.34% above list price.