real estate

Philly Leads U.S. Bidding Wars as Rising Rates Cool in Other Markets

Philadelphia is the only major housing market in the country that saw bidding wars for homes increase rather than decline over the past year, reports the Philadelphia Business Journal.

Of 36 metro areas included in a new analysis from Seattle-based real estate firm Redfin (NASDAQ: RDFN), Philadelphia had the highest percentage of offers face competition in August at 61.7%, up from 60.2% during the same month last year. Every other market in the U.S. saw home-buying competition decline over the same period, with rising mortgage rates causing the national bidding-war rate to drop to its lowest level since April 2020 at 44.6%.

Redfin considers an offer to be part of a bidding war if an agent reported that it received at least one competing bid, the Philadelphia Business Journal reported.

Lisa Yakulis, a Main Line agent with Kurfiss Sotheby’s International Realty, said home demand in the area remains just as competitive it was during the hot spring market. She's seen properties spark bidding wars in each of the last two weekends, with both homes located in Bryn Mawr.

One home Yakulis listed on a Wednesday and chose not to do any open houses because of the activity she saw pre-market. The home went active that Friday with 15 showings, and it had six offers that night. It was listed in the lower $1 million range and went "way above asking," Yakulis said.

Check out PBJ.com's full article for how other east coast cities have fared with rising mortgage prices, as well as how long Yakulis predicts the market will remain white-hot in Philadelphia.

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