More Than Half of DC-Area Homes Still Selling With Multiple Offers

• April 20th

by UrbanTurf Staff

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Multiple-offer situations remain a defining feature of the DC-area housing market, according to a new survey, a sign of a competitive market that persists despite elevated mortgage rates and growing economic headwinds.

More than half of all homes sold across the Mid-Atlantic in the first quarter of the year received multiple offers, a Bright MLS survey of listing agents found. The DC region mirrors that trend closely, with 52% of homes on the market drawing more than one bid. Across the broader service area, sellers received an average of 2.4 offers per home.

Competition is particularly pronounced for single-family detached homes, where 61.6% attracted more than one offer, compared to 54.6% of townhomes and 41.4% of condos. That gap reflects a stark inventory reality: detached home supply across the Bright MLS footprint sat at only two-thirds of March 2020 levels at the end of last month, while condo inventory has actually climbed 34% above that same baseline.

The financial stakes of landing in — or out of — a bidding war are significant. The survey found that homes that drew multiple offers sold above asking price 41% of the time, and that figure jumped to 72% for homes with five or more offers. By contrast, single-offer homes sold for an average of 6.1% below list price.

But the market may be shifting.

“While home sellers held the advantage in the first quarter, there is evidence that the market is shifting,” Bright MLS Chief Economist Lisa Sturtevant said. “Higher mortgage rates and growing economic uncertainty have caused buyers to pull back while inventory continues to climb. Sellers in highly-sought after neighborhoods will still receive multiple offers, but, in general, multiple offers are going to become less common in the months ahead.”

This article originally published at https://dc.urbanturf.com/articles/blog/more_than_half_of_dc-area_homes_still_selling_with_multiple_offers/24540.