San Jose, California
San Jose is consistently one of the hottest real estate markets in the U.S. It earned an 86 out of 100 on Redfin's competitiveness scale. The typical home there sold for 103.8% of list price over the past year, with 56.9% of properties selling for above the asking price.
Homes sell quickly in San Jose, staying on the market for an average of just 27 days, even as prices are up 11.4% year-over-year and homes now cost an average of just over $1.4 million. A tight local inventory and proximity to Silicon Valley are the big drivers of high prices here, along with a desirable climate and a somewhat restricted supply due to being surrounded by mountains.
Invest in real estate without the headache of being a landlord
Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.
The best part? You don’t have to be a millionaire and can start investing in minutes.
Learn MoreRockford, Illinois
Rockford earned a Redfin competitiveness score of 84, garnering the honor of being the second-most competitive market in the U.S. Homes in Rockford sell for 97.1% of their list price, on average, and the median sale price of $155,000 marks a 10.7% increase year-over-year. Homes also sell in just 21 days in Rockford.
Rockford's affordability has been a big draw thanks to high mortgage rates. Plus, low supply coupled with high demand in the area have pushed up prices and led to 28.8% of all homes selling for over their asking price.
Omaha, Nebraska
Omaha is number three on Redfin's list of the 10 most-competitive U.S. cities for housing, earning a score of 81. Homes here typically sell for 98.2% of their list price, and the median sales price of $261,500 is 3% higher than last year.
Young professionals are flocking to the area, and as the population grows, demand for affordable housing has increased. There's limited inventory to house new residents, many of whom are driven to Omaha by the fact it is Nebraska's most populous city with ample employment opportunities and a diverse culture.
Ultimately, all of these areas have a lot going for them — but buyers in these, and other competitive markets may want to be careful to avoid a bidding war like the one on that New Jersey home. Otherwise, they could end up paying a lot more than the asking price for the property of their dreams.
The richest 1% use an advisor. Do you?
Wealthy people know that having money is not the same as being good with money. Advisor.com can help you shape your financial future and connect with expert guidance . A trusted advisor helps you make smart choices about investments, retirement savings, and tax planning.
Try it now
