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The 10 Places in the DC Area Where You Aren't The Only One Bidding on a Home
Today, UrbanTurf is examining one of our favorite metrics regarding competition in the housing market to find the places in the DC region where homes for sale are attracting numerous bidders.
Contract ratio compares the total number of homes under contract in a given period to the overall number of active listings. A higher ratio points to 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. For this article, UrbanTurf looked at the highest contract ratios for neighborhoods and cities around the region in March.
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Leading the way in March was the Maryland town of Kensington, where the contract ratio came in at 2.3. Just behind that with a ratio of 2.0 was Colonial Village, a neighborhood at the northern tip of the DC diamond. American University Park, Del Ray and 16th Street Heights all have ratios hovering around 1.8, while a number of other DC proper neighborhoods, ranging from Michigan Park to Chevy Chase, had ratios above 1.0.
In addition to contract ratio, the neighborhoods and towns above stand out as competitive as they largely all have high sales to original list price ratios, an indication that homes are selling for above asking price on a regular basis.
Photo courtesy of HomeVisit.
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This article originally published at https://dc.urbanturf.com/articles/blog/the-10-places-in-the-dc-area-where-you-arent-the-only-one-bidding-on-a-home/19610.
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