The Northeast is tight for structural reasons that don't clear up quickly, and that's why over-asking offers still lose there. On supply, much of the region has far less buildable land than newer parts of the country, and the housing stock is older and largely built out. There isn't open, cheaper land to add homes at scale. The South, by contrast, builds close to year-round on more available land, so those markets can respond quickly when demand rises. The Northeast can't, so shortages persist. Demand holds up on the strength of the regional economy and established job centers. And there's an extra lock on supply: many owners financed or refinanced at very low pandemic-era rates. Giving up a rock-bottom rate to buy again at a much higher one is a hard trade, so those owners stay put and their homes never hit the market. Few listings, steady demand, and rate-locked owners together mean a strong bid isn't necessarily the strongest one in the room. Where it eases will come down to local inventory finally outpacing demand, which is the number to watch in your specific market.