If you bought a home in May in Virginia, you likely paid above asking, according to new data.
A Bright MLS survey of more than 1,000 realtors in the region found that over 70% of home buyers in Virginia paid above the seller’s original asking price. Homes sold at a premium despite high home prices. The median price in the Virginia portion of the Bright MLS footprint was $575,000, higher than in any other area (with the exception of DC).
"While the spring housing market has been more subdued than during a more typical year, demand is still strong," Bright MLS stated. "Buyers are competing over very few listings. Prospective buyers who sat out the spring market are poised to get back in and it looks like this summer could be unusually busy."
The survey also found that multiple offers are more common than ever. Three out of four homes closing in May in the Mid-Atlantic received more than one offer. Nearly a quarter had five or more offers, and 6.7% had at least 10 offers.
Photo Courtesy Will Hinostrova.
See other articles related to: above asking
This article originally published at https://dc.urbanturf.com/articles/blog/70_of_virginia_homes_sold_at_a_premium_in_may/21174.
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