BiggerPockets Daily Bidding Wars Return in the Hottest Spring Markets
Apr 3, 2025
Homebuyers are making waves with fierce bidding wars, especially in high-demand areas like San Francisco and San Jose. More than half of homes are selling above asking price, signaling a surprising market heat. While urban areas rebound, cities like San Diego and Austin are seeing the opposite trend. The podcast also explores how rising mortgage rates are empowering buyers and what that means for the evolving landscape in states like Florida and Texas. It's a fascinating look at how inventory changes and pricing strategies are reshaping homebuying dynamics!
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Hottest Markets
- Homes in pricey markets like San Francisco and New York City are selling above asking price.
- These cities saw an exodus during the pandemic, but now they're experiencing a resurgence.
Why Cities Are Hot
- Return-to-office policies, a strong tech job market, and low inventory drive up demand in cities like San Francisco.
- Bidding wars are back, with some homes selling for 10% above asking, like one with 22 other bidders.
Inventory Trends
- Inventory is increasing slightly in some hot markets, like San Jose, but not as much as in buyer's markets like Florida.
- Nationally, most homes sell below asking price, indicating a buyer's market trend.