The housing market has experienced many unexpected twists and turns since the pandemic. As offices shut down, droves of remote employees looking for bigger, cheaper space left the city and headed to more cost-effective areas. At the same time, mortgage rates fell as a result of federal rate cuts meant to encourage borrowing.
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Demand for homes skyrocketed. But low inventory caused prices to surge as buyers offered above-asking prices and waived contingencies to gain an edge over competing buyers.
The Fed later increased federal interest rates to slow the economy and bring down inflation. Those increases pushed up mortgage rates, and the housing market cooled somewhat. But as a recent report from Redfin shows, there’s still a lot of competition.
Here are the top three competitive housing markets .
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