About a Third of DC-Area Homes Are Selling Above Asking This Spring

• June 24th

by UrbanTurf Staff

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The DC-area housing market is holding its own in a spring season that has tilted decisively toward buyers in much of the country. 

According to a new Redfin analysis of MLS data, roughly 31% of homes in the region sold above their original asking price in May — meaning about one in three sellers is fielding competitive offers. That figure is essentially flat compared to a year ago, up just 0.3 percentage points, and it puts DC in a solidly middle tier nationally — well ahead of buyer-dominated Sun Belt markets, but a step behind the frenzied competition seen in the Northeast corridor. 

The flip side of that story is that nearly half of DC-area homes are selling for less than their asking price. In the Washington metro, 48.8% of homes sold below their original list price in May, a share that has ticked down slightly from a year ago. Nationally, more than half of all homes — 55% — sold below asking price, the result of a housing market where there are far more sellers than buyers. 

The least competitive markets nationally are concentrated in Florida and Texas, where fewer than 10% of homes are selling above asking price, a stark contrast to the bidding wars still playing out across parts of the mid-Atlantic. For sellers in the DC area, the data offers a mixed but reasonably optimistic read: competition hasn't evaporated, but buyers are increasingly arriving at the table with leverage they didn't have two or three years ago.

This article originally published at https://dc.urbanturf.com/articles/blog/about_a_third_of_dc-area_homes_are_selling_above_asking_this_spring/24759.