Boston saw the highest frequency of bidding wars, with 72.4 percent of offers facing competition, according to a Redfin survey released Friday.

More than half of all offers submitted by Redfin agents faced competition in June, according to a new survey released Friday by the national real estate brokerage. It’s the second consecutive month where bidding wars were more common than not.

Taylor Marr | Redfin

At the same time, mortgage rates continue to plummet. The average 30-year fixed-rate mortgage fell to 3.03 percent, the lowest rate since Freddie Mac began tracking the statistic in 1971.

“Bidding wars continue to be fueled by historically low mortgage rates and fewer homes up for sale than almost any time in the last two decades,” Redfin economist Taylor Marr. “It’s like a game of musical chairs where only the best bidders get a seat. Both renters and move-up buyers who have held onto their jobs are vying for the small number of single-family homes on the market as they realize they need more space for their families.”

Nationally, the number of homes for sale was down 21.3 percent year over year, marking the lowest inventory market since 2012. The number of new listings to hit the market was down 12 percent year over year.

Bidding wars are the most common for single-family homes, according to the survey. The survey found 56.2 percent of Redfin offers on single-family homes faced competition, while 54.2 percent of townhomes and 40.5 percent of condos faced bidding wars.

Regionally, Boston saw the highest frequency of bidding wars, with 72.4 percent of offers facing competition, according to the survey. It’s the second straight month where Boston was the country’s most competitive market.

“This is the most competitive real estate market I can remember,” James Gulden, who has been a Boston Redfin agent since 2012, said in a statement. “There are multiple bids on nearly every property I see, whether I’m representing the buyer or the seller.”

“I’m seeing the most competition in the suburbs, where homes are selling in a matter of days,” Gulden added. “Sellers don’t want homes to be on the market any longer than necessary because of COVID-19, so they’re setting offer deadlines, which create a frenzied, competitive atmosphere.”

San Diego, where 65.7 percent of offers faced competition and Salt Lake City, where 63.8 percent of offers faced competition, were the second and third most competitive markets, respectively.

Miami was the least competitive market, according to the survey. Only 32.4 percent of offers in the South Florida coastal city faced competition, according to the survey.

Email Patrick Kearns

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription