Washington homebuyers saw a surplus amount of competition for property last year, with six localities listed among Redfin’s 2020 list [1] of the most competitive cities for purchasing a home.
Spanaway, an unincorporated area in the Tacoma metro area, topped Redfin’s list as the most competitive city of 2020, with 68.9% of homes sold above list price and the typical home staying on the market for just five days before going under contract, eight fewer days than in the previous Home prices in Spanaway were up 20.8% year-over-year while housing inventory was down 2.7%.
Lacey, a suburban city outside of the state capital of Olympia, ranked second on the list, with 72% of homes selling above list price, and the typical home going under contract in five days, six fewer days than in the previous year. Tacoma ranked third with 62% of homes selling above list price, and the typical home went under contract in just six days, 12 days less than in the previous Home prices in Lacey and Tacoma cities were up 17.5% and 17.9% from 2019, respectively.
Rounding out the top 10 list were Wyoming, Michigan; Eastmont, Washington; Frederickson, Washington; Graham, Washington; Pleasant Hill, California; San Leandro, California; and South Portland, Maine.
Of the top 10 cities, only two were not based on the West Coast. The only Midwest locality cited by Redfin was Wyoming, Michigan, a suburb of Grand Rapids, saw 66.7% of homes selling above list price and the typical home selling in six days, two fewer than in the year before. Wyoming’s prices were up 13.8% year over year to $181,000 and supply was down 17.1%.
The sole East Coast locality was South Portland, a city in the Portland metro area, where 55.6% of homes sold last year above list price and median days on market clocked in at seven days, 10 less than the year before. The typical home in South Portland sold for $350,000 in 2020, up 7.7% year over year, as supply plummeted 55.1%.