According to Redfin, a web-based real estate marketplace, 2017 is the fastest housing market on record with sharp increases in home prices and rapid contract turnover times. Here are the country’s most competitive housing markets in March ranked according to percentage of homes sold above asking price:
Young entrepreneurs and creative types are flocking to Tacoma – a thriving urban area set against the picturesque backdrop of the Puget Sound and Mount Rainier. With a flourishing art scene, great food, and much lower cost of living than similar cities, your dollar goes much further in Tacoma.
In addition to being ranked fourth, Seattle (tied with Denver) was also the fastest market last month with the typical home going under contract within a mere eight days. Seattle also had one of the nation’s highest price growths in the last year at 14.5%. Seattle is booming!
People are vying for homes in Oakland, which is San Francisco’s more affordable and less crowded neighbor. Oakland is the seventh largest city in California at 54 square miles compared to San Francisco’s seven. Similar to Seattle, Oakland was one of the fastest markets last month with the typical home going under contract within just 13 days.
With the tech boom and expansion of other high-value industries in the area, San Francisco’s economy is outpacing the rest of the country and homes are in high demand. A testament to the strength of the city’s economy: during the Great Depression, not a single San Francisco-based bank failed.
At the heart of Silicon Valley, San Jose is unsurprisingly at the top of the most competitive housing markets list. Similar to San Francisco, San Jose was one of the fastest markets last month with the typical home going under contract within just 14 days. Founded in 1777, San Jose is California’s oldest settlementand, now, most competitive market.
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