Bidding wars have been cooling off quickly, at least according to agents at one brokerage with a national reach.

Seattle-based Redfin reported Monday that only 60 percent of the offers its agents wrote in July faced competition from at least one other buyer. 

This result continues a dramatic fall from this year’s red-hot spring peak, when 74 percent of the brokerage’s offers were part of a bidding war. It also brings bidding wars back within striking distance of where they were in the fall of 2020, before buyer competition started to skyrocket in January.

One Redfin agent said he’s now seeing five to eight offers on a typical home rather than the 25 he had grown accustomed to. Initial offers are still above listing price, but only a fraction of that gap now remains, he said.

“Buyers are pushing back,” Scott Mercer, the Sacramento-based agent, said in the report. “They’ve even started including appraisal contingencies again and making requests for repairs — things that were pretty much unheard of last year.”

Image courtesy: Redfin

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×