States with the Most Competitive Real Estate Markets, 2021
10. New York
Competitive Market Score: 83.0 out of 100
Percent of homes sold above list price: 37%
Average share of homes per month sold within 2 weeks of listing date: 39%
Average months of supply in 2021: 2.89
The New York real estate market has been more than merely active in 2021 — the Empire State’s housing market is 22 percent more competitive than the national average. With the reopening of New York City following COVID-19 vaccine rollouts in 2021, real estate in the Big Apple experienced what Business Insider referred to as a “Hot Vax Summer”, paving the way for increased demand and competition.
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9. New Jersey
Competitive Market Score: 83.6 out of 100
Percent of homes sold above list price: 50%
Average share of homes per month sold within 2 weeks of listing date: 37%
Average months of supply in 2021: 2.33
Homes in the Garden State have been flying off the market in 2021. New Jersey has boasted the ninth-most competitive real estate market in the nation over this past year. The real estate market in New Jersey is 23 percent more competitive than average this year; with over half of homes on the market being sold above their listing price, it’s clear that prospective buyers better act quick and be willing to potentially break their budget in order to secure a house in New Jersey.
8. California
Competitive Market Score: 84.3 out of 100
Percent of homes sold above list price: 60%
Average share of homes per month sold within 2 weeks of listing date: 51%
Average months of supply in 2021: 1.35
Realtors in the Golden State have been having a golden year. California’s housing market makes the rankings as the eighth-most competitive in the country in 2021. With a Competitive Market Score that is 24 percent higher than the national average, potential homebuyers in California have had to brace themselves for fierce competition during their searches.
7. Vermont
Competitive Market Score: 86.2 out of 100
Percent of homes sold above list price: 36%
Average share of homes per month sold within 2 weeks of listing date: 43%
Average months of supply in 2021: 2.91
The Green Mountain state is not only flush with natural beauty but also stiff with competition to secure a home: Vermont has been home to the seventh-most competitive real estate market in the U.S. over this past year. On average, the housing market in Vermont has been 25 percent more competitive than the national average since January 2021, making property in this New England gem one of the hottest commodities in the country.
6. Nebraska
Competitive Market Score: 86.4 out of 100
Percent of homes sold above list price: 53%
Average share of homes per month sold within 2 weeks of listing date: 75%
Average months of supply in 2021: 0.85
In 2021, securing a new property in Nebraska is not an easy get. Housing markets in the Cornhusker State are 25 percent more competitive than average, with over half of the properties on the market selling above list price and less than one month’s supply of housing inventory available on the market. Nebraska is one of the more affordable states in the U.S. to buy a home due to lower-than-average property values, putting this Midwestern state on the radar for budget-conscious homebuyers this year.
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5. Utah
Competitive Market Score: 86.6 out of 100
Percent of homes sold above list price: 60%
Average share of homes per month sold within 2 weeks of listing date: 65%
Average months of supply in 2021: 0.91
In the Beehive State, prospective homebuyers have been kept busy in 2021. With a Competitive Market Score that’s 26 percent higher than the national average, Utah’s housing market has been the fifth-most competitive in the nation over the past year. Consistent with last year’s trends, real estate in Utah is not only hot but even described by the Salt Lake Tribune as “overheating”, indicating that the high demand for property has yet to slow down following the housing market boom of 2020.
4. Oregon
Competitive Market Score: 87.1 out of 100
Percent of homes sold above list price: 56%
Average share of homes per month sold within 2 weeks of listing date: 67%
Average months of supply in 2021: 1.05
Oregon’s real estate market has been highly competitive over the past year, with higher-than-average rates of homes selling above their list price and within 2 weeks of their listing date. In fact, with a Competitive Market Score that eclipses the national average by 26 percent, the Beaver State is fourth in the rankings for its piping hot real estate market. Not the only PNW state in the rankings, Oregon’s competitive housing market throughout 2021 indicates a high demand for property in states with beautiful landscapes and plenty of natural diversity.
3. New Hampshire
Competitive Market Score: 94.2 out of 100
Percent of homes sold above list price: 60%
Average share of homes per month sold within 2 weeks of listing date: 50%
Average months of supply in 2021: 1.71
Third in the nationwide rankings for having one of the most competitive real estate markets over this past year, prospective buyers in the Granite State have faced a market that’s 32 percent more competitive than average in 2021. New Hampshire’s state motto may be to live free or die, but the cost of a new home there is anything but; with over 60 percent of new properties being sold above list price, real estate in New Hampshire is in demand with the price tag to prove it.
2. Colorado
Competitive Market Score: 97.0 out of 100
Percent of homes sold above list price: 61%
Average share of homes per month sold within 2 weeks of listing date: 67%
Average months of supply in 2021: 1.06
Colorado is home to beautiful hiking ranges, impeccable ski slopes, and some of the most cutthroat homebuyers in the nation. The Centennial State’s real estate market in 2021 has been the second-most competitive in the U.S., with a Competitive Market Score that’s 34 percent greater than the national average. Properties in Colorado have been flying off the market this past year, with 24 percent more houses being sold within two weeks of their listing date compared to the nationwide mean.
1. Washington
Competitive Market Score: 97.8 out of 100
Percent of homes sold above list price: 60%
Average share of homes per month sold within 2 weeks of listing date: 80%
Average months of supply in 2021: 0.67
Coming in at number one in the nation for the second year in a row, Washington’s real estate market has consistently been hot and fast-moving throughout 2020 and 2021. In a housing market 34 percent more competitive than the national average, buying a home in the Evergreen State has cost homebuyers more green than initially anticipated; with over 60 percent of homes sold above their list price and dwindling inventory to match, new homes on the Washington housing market have remained a tough get.
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