Boston Area Homebuyers Still Facing Fierce Competition

Homebuyer competition nationwide decreased in March for the first time in six months; however, the Greater Boston area still has one of the fiercest real estate markets in the United States, according to a Redfin report. Of the 36 metropolitan areas analyzed, the highest percentage of bidding wars occurred in San Jose, Calif., with 79.8 percent of Redfin offers meeting competition. In Boston, 79 percent of homebuyers faced multi-offer situations, and Providence, R.I. placed third with 78.3 percent of offers confronted by competition. Worcester, Mass. and San Diego rounded out the top five, with bidding-war rates of 78.2 percent and 78.1 percent, respectively.