Bay Area Housing Market Named Most Competitive: Report

The following may not come as a surprise to Bay Area residents. The region is home to the most competitive housing market in the nation, according to real estate company Redfin.

Of all the homes sold in San Jose during March, 69.6 percent of them sold above the asking price, according to Redfin. That mark established the South Bay city as the most competitive market in the United States.

Not to be left in the dust, San Francisco followed right behind with 66.7 percent of its housing sales finalizing above the listing price, according to the report. Oakland rounded out the top three with 65.9 percent of its home sales settling in higher than the asking price.

San Francisco still topped the charts as the location with the highest median sale price ($1,185,000) for a home, according to the report. San Jose’s median sale price was $957,000 followed by Oakland’s mark of $650,000.

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