Want a Better Chance of Buying a Home? These 10 Cities Have Fewer Bidding Wars

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  • As of this writing, the average interest rate for a 30-year fixed-rate mortgage is 6.33%, and many buyers are now unwilling to fight with others in bidding wars.
  • Redfin reports that these 10 cities all over the U.S. have a lower percentage of home sales that end in bidding wars.
  • Consider cities like Denver, Las Vegas, and Tampa.

Ready to try a new city on for size? Consider these.

What a year it's been for the housing market. At the start of 2022, we were quite firmly in a seller's market, with home prices up, supply down, and competition among buyers fierce. The silver lining for aspiring buyers at that time was low mortgage rates. During the first week of January 2022, the average rate for a 30-year fixed mortgage was 3.22%, per Freddie Mac.

Since then, the balance has begun to shift. As of this writing, the average 30-year fixed mortgage sits at 6.33%, and with rates so much higher than they were at the beginning of 2022, buyers are less willing to participate in bidding wars over homes. Redfin reported that in October 2022, 45% of home offers written by its agents had competition, which was down from 67% of them a year prior.

That said, depending on where you're trying to buy, you could end up in a bidding war situation anyway. Read on for information and average home values for 10 cities that have fewer bidding wars for homes, according to recent Redfin data.

1. Colorado Springs, Colorado

Average home value: $476,721

Colorado Springs is the second-largest city in the state, and it's home to the United States Air Force Academy. Popular attractions in the city include Garden of the Gods (a park featuring natural rock formations) and the Cheyenne Mountain Zoo.

2. Nashville, Tennessee

Average home value: $455,157

Nashville is the capital of Tennessee, and is famous for its country music scene. In Nashville, you'll also find numerous institutions of higher learning, including Tennessee State and Vanderbilt University.

3. Phoenix, Arizona

Average home value: $409,382

Phoenix is the capital of Arizona and its most populous city. If you love hot dry weather and a lot of sunshine, Phoenix could be a fit for you. It's also home to multiple professional sports teams, including the Arizona Diamondbacks and the Phoenix Suns.

4. Orlando, Florida

Average home value: $388,557

Orlando is best known for being home to Disney World and its many attractions, but you'll also find the Orlando Museum of Art. And the Orange County Convention Center is the second-largest facility of its type in the U.S.

5. Riverside, California

Average home value: $620,599

Riverside is about 50 miles southeast of downtown Los Angeles, and it sits next to the Santa Ana River (hence its name). Riverside is the birthplace of the California citrus industry, and it's also the location of the Parent Washington Navel Orange Tree, the last of the two original navel orange trees in the state.

6. Charlotte, North Carolina

Average home value: $399,218

Charlotte is North Carolina's most populous city, and is a major hub for the banking industry. Auto racing is huge in Charlotte, and the city is home to the NASCAR Hall of Fame. It also has numerous professional sports teams.

7. Tampa, Florida

Average home value: $419,454

Situated on Tampa Bay, on Florida's Gulf Coast, Tampa is the birthplace of the Cuban sandwich. In Tampa, you'll also find high-end restaurants, the Tampa Bay History Center, and the Florida Museum of Photographic Arts.

8. Raleigh, North Carolina

Average home value: $447,961

Raleigh is an early example of an American planned city. Along with nearby Durham and Chapel Hill, it forms part of the Research Triangle of science and technology institutions, including multiple universities.

9. Las Vegas, Nevada

Average home value: $425,019

Sin City is a booming place to call home, rather than just a vacation destination. The city has charming suburbs, warm sunny weather, and many state and national parks, including Red Rock Canyon National Conservation area.

10. Denver, Colorado

Average home value: $626,721

Denver is situated at the base of the Rocky Mountains and offers opportunities for outdoor recreation of all kinds. Denver also has a flourishing music and visual arts scene, and attracts many out-of-state transplants.

If you're ready to buy a home and are struggling in your current city, consider giving one of these cities a look and see if it'll be easier to get a mortgage there. Achieving the dream of homeownership could be worth changing your location.

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