Based on preliminary data, 59.6% of home offers written by the company’s agents faced bidding wars in December down from a revised rate of 61.3% in November, but up from 54% in December 2020.
Meanwhile, home price growth is expected to moderate throughout 2022 as higher interest rates pull some people from the market, a recent CoreLogic report said.
Of homes between $1 million and $1.5 million, 62% received more than one offer, while that was the case for 61.7% of properties prices above $1.5 million.
Competition at the upper end of the market is partially attributed to increased interest in pricey vacation homes, Redfin said.
On the other hand, the 2022 conforming loan limit is $647,200, and if a borrower for a primary residence on an $800,000 purchase puts 20% down, the low end of that tier is likely to see more activity.