The market has shown some signs of cooling, but in some cities, buyer demand remains extremely high. Many of these places are nicknamed “Zoom cities,” which is a reference to the teleconferencing platform.
As remote work has grown during the pandemic, several of them saw an uptick in their real estate activity. Zoom cities tend to be medium-sized metro areas and also often are near college towns.
The real estate brokerage Redfin identified these cities through its Compete Score, which measures the number of competing offers on a property, the number of waived contingencies (such as inspection and appraisal), how much a property sells above the asking price, and the number of days on the market.
Here are the top 10 most competitive cities for home buyers in July, where homes are selling in under a week, according to Redfin’s rankings:
- Littleton, Colo.
- Aurora, Colo.
- Tacoma, Wash.
- Spokane, Wash.
- Grand Rapids, Mich.
- Sacramento, Calif.
- Omaha, Neb.
- Colorado Springs, Colo.
- Riverview, Fla.
- Denver, Colo.