Sky-High Premium: 13 Homes Sold for At Least $500,000 Above Asking in DC Area Last Quarter
A new report from Zillow finds that more homes than ever are selling for drastically above their asking price.
Nationwide, 2,244 homes sold for at least $500,000 more than their original listing price during the second quarter of 2021, per the report, more than twice as many compared to the first quarter.
story continues below
loading...story continues above
In the DC region, the number of homes sold for at least $500,000 above asking almost doubled -- from 7 to 13 -- between the first and second quarter. The second quarter also saw two DC-area homes sell for at least $1 million over listing price. In contrast, only one home in the region sold for at least a $500,000 premium in the second quarter of 2019.
Overall, however, the DC area is lagging behind nationwide trends in the share of homes selling for at least a 30% premium. The region saw 0.6% of listings sell for 30% above ask in the second quarter, compared to 1.4% for the rest of the country. This proportion puts the DC area tied in the bottom six of the 50 largest metro areas studied.
For context, the San Francisco metro area came in first, with 7.4% of homes sold in the second quarter going for at least 30% above asking and a total of 657 homes sold for at least $500,000 above asking.
See other articles related to: above asking, homebuyer premium, zillow
This article originally published at https://dc.urbanturf.com/articles/blog/sky-high-premiume-13-homes-sold-for-at-least-500000-above-asking/18617.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
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