By Liz Economou
Homebuyers can finally breathe a little easier.
Following months of sky-high prices paired with manic competition — driven by limited supply — the frenetic housing market is starting to cool down. Somewhat.
Last month, multiple bids accompanied 60% of offers written by Redfin agents. This is a 7% drop from June and a nearly 15% decline from the pandemic’s peak of 74%, in April 2021, according to Redfin.com.
“Competition has started to slow in the last three weeks. We’re now seeing five to eight offers on homes instead of 25, and they’re coming in $5,000 to $10,000 above the listing price instead of $50,000 to $60,000,” Scott Mercer, a Redfin real estate agent in Sacramento, CA, said in a press release. “Buyers are pushing back.”
In Chicago, more than 52% of Redfin listings received multiple offers: a 7% decrease from June. Still, bidding wars in Chicago are up nearly 10% from a year ago.