Are These The Most Competitive Housing Markets in the DC Area?
✉️ Want to forward this article? Click here.
![38-hickory.jpeg](https://assets.urbanturf.com/dc/images/blog/2023/05/38-hickory.jpeg)
Last Friday, UrbanTurf ran an article that looked at two DC zip codes that have very competitive housing markets despite the recent slowdown in the region. Today, we take a more granular look at the neighborhoods where homebuyers are likely facing the most competition this year.
UrbanTurf uses a few metrics to determine competition level. First, we look at the year-to-date ratios of average sold price to original listing price for homes. The baseline ratio is 100%, so any average above that is an indication that homes are selling at a premium. The second metric we look at is housing inventory, as a low supply of homes breeds more competition.
And the last statistic we analyze is contract ratio, which compares the total number of homes under contract in a given period to the overall number of active listings. A higher ratio signifies an increase in contracts compared to supply. For example, a ratio of 2.0 means there are two listings under contract for every listing that is active.
story continues below
loading...story continues above
![competition.jpg](https://assets.urbanturf.com/dc/images/blog/2023/05/competition.jpg)
In line with last week's article, a handful of neighborhoods filled with single-family homes in the DC zip codes of 20015 and 20016 make our list. Most listings in AU Park and Chevy Chase DC are selling for above asking price, and the same goes for Spring Valley, even with a median home price in the neighborhood of well north of $2 million.
North Cleveland Park tucked away off Reno Road is perennially one of the most competitive, and in 2023 that did not change. The bungalows and Cape Cods of Takoma Park attract hoards of buyers making this Maryland city a place where multiple bids and escalation clauses are common.
The Bethesda zip code of 20816 -- home to portions of Brookmont, Wood Acres and Glen Echo -- rounds out the list.
Photo courtesy of Carlo Russo from HDBros.
This article originally published at https://dc.urbanturf.com/articles/blog/are_these_the_most_competitive_housing_markets_in_the_dc_area/21065.
Most Popular... This Week • Last 30 Days • Ever
![Buying with Friends: What You Should Know](https://assets.urbanturf.com/dc/images/blog/2010/05/home_value.jpg)
Here are some precautions to take before buying real estate with a buddy.... read »
![$10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/VAFX2180246_45_0_image_560x420.jpg)
The six-bedroom home listed for just south of $10 million back in June went under con... read »
![16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/2500-wilson-1_image_560x420.jpg)
The new project will take the place of an obsolete office building in Courthouse.... read »
![Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/1625-mass-1_image_560x420.jpg)
The three office-to-residential conversion projects have been conditionally awarded t... read »
![500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/parcel-6-park_image_560x420.jpg)
The plans for one of the final parcels at DC's St. Elizabeth's East campus are beginn... read »
- Buying with Friends: What You Should Know
- $10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer
- 16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard
- Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements
- 500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro