Bidding wars — competing offers on the same property — are at their lowest level since real estate giant Redfin began tracking that data in 2011, a new report from the company shows.
But not in Philadelphia.
Nationally, 32 percent of Redfin offers in November faced competition. That’s down from 45 percent last year. But in Philadelphia, 36.5 percent of all Redfin offers faced one or more competing bids. That’s up from 30 percent since last year. That also makes Philadelphia the only metro area served by Redfin where competing offers are significantly up. The report points to shrinking inventory and quicker-selling properties in the city as the leading factors why.