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One in Four DC-Area Homes Sold For Above Asking in 2018

by Nena Perry-Brown

A LeDroit Park home that sold for $150,000 above asking price.

Throughout 2018, UrbanTurf documented the abundance of listings that sold for above asking in the DC area, occasionally going for premiums as high as six figures. A recent Zillow analysis reinforces that local phenomenon, even as the housing market begins to slow nationwide.

In December, 24.7 percent of homes in the DC area sold for above asking price, a nearly two percent increase over December 2017. For the year, 26 percent of homes in the area sold for over asking, a 2.1 percent annual increase.

DC and Philadelphia were the only two large metro areas where the share of homes selling for above asking increased from November to December. For the DC area, homes that sold for above asking last year did so for a median of $6,000, or 1.8 percent more than listing price. Meanwhile, the share of homes that sold for above asking price nationwide decreased every month in the latter half of the year, hitting a two-year low of 19 percent in December. 

Overall, the slowdown in the national market didn't disrupt the overall trajectory of the homebuying experience, as the 2018 share of homes selling for above asking increased for the fourth consecutive year. Through the course of the year, 23.5 percent of homes sold for more than listing price compared to 22.7 percent in 2017.

This article originally published at http://dc.urbanturf.com/articles/blog/one-in-four-dc-area-homes-sold-above-asking-in-2018/14961

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