It has been difficult to buy a home since the pandemic. The number of houses in the real estate market decreased by 52% from March 2020 to March 2021 due to low interest rates and aggressive demand. This means that house costs are increasing in many areas.

And it gets harder and harder out there depending on where you look. Financial services company LendingTree just released a report on the Most Competitive Real Estate Markets, focusing on the 50 largest metropolitan areas in the US, using the average down payment percentage, the proportion of homebuyers with credit scores above 720, and the proportion of homebuyers who post Look for a mortgage before considering a home as their criteria.

Houses and palm trees near downtown San Jose, California; San Jose is considered to be the most competitive housing market

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  • The most competitive markets are San Jose, San Francisco, and Raleigh – in that order. San Jose (average home sales price: $ 1.2 million) ranks first in both the Credit Score and Down Payment categories. “It has a lot to do with the amount of supply in town,” LendingTree chief economist Tendayi Kapfidze told Yahoo Finance Live. “San Jose is a very affluent area, so there is a lot of competition among homebuyers because a lot of people are wealthy and can afford homes.”

  • Atlanta, Virginia Beach, and Riverside (CA) have the least competitive buyers. LendingTree advises that buyers in these markets tend to have lower credit scores, lower down payments, and are less likely to look for a mortgage.

  • The average down payment percentage in the 11 most competitive markets is 21%. For the least competitive 12 metros, that figure is 19%.

  • In the top 11 most competitive markets, 73% of buyers have credit scores of at least 720. For the 50 largest, 64%. For the 12 least competitive buyer’s markets, it’s 57%.

However, because this report only looks at the largest metropolitan areas in the country, it doesn’t include the outlier cities that are experiencing a surprising real estate boom, such as a New England city we heard about last week.

The story goes on

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The post The Most Competitive Housing Market In The Country Is Not San Francisco first appeared on InsideHook.

The item The most competitive housing market in the country isn’t San Francisco by Kirk Miller was originally published on InsideHook.