The 2017 housing market was the most competitive since 2013 -- just over half of all offers written by Redfin agents experienced competition, up from 49 percent last year.
The pace of home sales made the competition even more intense in 2017. Buyers found a home after a median 45 days on market, six days fewer than 2016, and 41 percent of homes listed were homes with a 70 percent likelihood of going under contract within their first 14 days on the market, per Redfin’s calculations.
Grass Lawn in Redmond, Washington earned the distinction of most competitive neighborhood in 2017. Redfin’s ranking is based on several indicators of competition, including the percentage of homes that sold for more than their asking price, how quickly homes went under contract and annual price growth in 2017.
