Redfin’s latest market report reveals just how far buyers must go to secure a home. Single-family listings garnered the most bids followed by townhomes.

As inventory drops to record lows during this low-mortgage-rate-induced buying frenzy, homebuyers are pushing themselves to the limit to secure a home. According to Redfin’s latest market update published on Wednesday, 64 percent of Redfin buyers in March were in a bidding war — up from 62.1 percent the previous month.

“In today’s market, buyers need to pull out every single stop they possibly can,” Las Vegas-based Redfin agent Lori Garlick said in the report. “Competition is escalating in part because it’s almost summer and families want to lock down homes before the next school year starts and their kids have to head back to the classroom. This typical spring homebuying behavior is making a hot housing market even hotter.”

Forty-six percent of homes listed on Redfin sold in one week, with single-family homes garnering the most bids (66.5 percent) next to townhomes (65.6 percent) and condominiums (51.1 percent). Although single-family homes are buyers’ prime choice, Redfin said townhomes are quickly catching up as the bidding-war gap between the two housing types decreased from 5.2 percent in February to 0.9 percent in March.

“Townhouses—especially ones with outdoor space—are starting to see more competition because it has become so difficult for buyers to win single-family homes,” Seattle-based Redfin agent Heather Stovall added. “My clients recently accepted an $890,000 offer on their Fremont townhouse after listing it at $795,000. The property, which has a really nice deck, a built-in outdoor kitchen and views of Mount Rainier, received a total of eight bids.”

Reflecting “the great reshuffling” from popular coastal hubs to more affordable secondary cities, buyers in Salt Lake City (87.1 percent), Pittsburgh (82 percent), Boise (81.5 percent), Virginia Beach (80.9 percent) and Las Vegas (78.1 percent) were the most likely to enter a bidding war.

Luxury homes priced between $800K and $1 million garnered the most bids (69.4 percent) followed by homes priced between $1 million and $1.5 million (68.6 percent). Homebuyers at the lower end of the market didn’t get a break either, with 59.1 percent of homes listed at $200,000 or below receiving multiple bids.

Email Marian McPherson

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