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At the same time,mortgage ratesfell as a result of federal rate cuts meant to encourage borrowing.
Demand for homes skyrocketed.
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 fromRedfinshows, theres still a lot of competition.
Here are thetop three competitive housing markets.
From fishing tohiking, camping and biking, there are endless activities for nature lovers.
However,it is thesecond most competitive market.
Homes are selling for about 1% above asking price.
Its also appealing to families and retirees because of its affordable living.
Homes in Richmond receive three offers, on average.
They sell in around 12 days for about 3% above asking price.
Over 567,000 of those were newly listed an increase of 4% from July 2023.
The report also revealed that the median days on market increased from 29 days to 34 days.
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