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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:
10. Virginia
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.
9. Colorado
Colorado’s competitive real estate market, offering fresh air and outdoor activities, easily surpassed the national average by 25%. Homes in Colorado are selling 34.45% above list price, with an average of 1.94 months on offer.
8. Idaho
Winters are chilly in Idaho and home sales have been just as brisk as the state’s real estate market is 27% more competitive than the national average. Homes in Idaho are selling 29.51% above list price with an average delivery time of 1.30 months.
7. Indiana
The new coronavirus has hit the Indiana real estate market, which was 28% more competitive than the national average in 2020. Homes in Indiana sold 25.24% above list price, with an average delivery time of 1.23 months.
6. Minnesota
Since the real estate market is 29% more competitive than the national average, Insurify says the Land of 10,000 Lakes boasts an equally impressive number of residential cities. Homes in Minnesota were sold 41.87% above their list price in 2020, with an average delivery time of 1.73 months.
5. Utah
Utah’s scenic beauty and suburban ski areas are a magnet for potential home buyers. The state’s real estate market is 31% more competitive than the national average, with homes selling 40.67% above list price.
4. Oregon
If you want to get away from it all, Oregon is the place for you. The state has many country estates set among the scenic beauty of the Pacific Northwest, but you’ll have to outbid your competitors to live there. The Oregon real estate market is 32% more competitive than the national average, with home sales 38.87% above the national average in 2020.
3. Kansas
Kansas is Superman’s hometown in the Midwest, and it could be yours. Just be ready to bargain if you want to live there because the Kansas housing market is 32% more competitive than the national average. Homes sold 27.16% above the national average in 2020, and 55 homes per month were sold within two weeks of the listing date.
2. Nebraska
Low interest rates meant big savings for prospective home buyers looking for a slice of the real America in this Midwestern state last year, but the property market was 40% more competitive than the national average. In 2020, there was an average of 1.13 months on offer and homes sold 38.80% above the national average, with 68 homes per month selling within two weeks of the listing date.
1. Washington
Home of Microsoft, which now allows its employees to work remotely from suburban areas of their choice, Washington’s real estate market exceeds the national average by 43%. In 2020, there was an average of 1.27 months of delivery.
The full report can be viewed here…
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