The robust housing market in the DC region has meant a steady level of competition for homebuyers in 2020.
With the help of ShowingTime, UrbanTurf examined one of our favorite metrics regarding competition in the market to find the neighborhoods where homes for sale are attracting numerous bidders.
For this article, UrbanTurf analyzed the contract ratio for advertised subdivisions in DC. Contract ratio 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 1.2 means there are 1.2 listings under contract for every listing that is active.
In September, there were 27 neighborhoods in DC where the ratio was above 1.0.
Leading the way in September were the upper NW neighborhoods of Crestwood and Wakefield, where the contract ratio came in at 3.0. AU Park, Riggs Park, Barry Farm, Randle Heights, and North Cleveland Park all had ratios above 2.0. In most of these neighborhoods, there was less than a month's supply of homes on the market.
Other neighborhoods with a high contract ratio include Chevy Chase, Takoma, Hillcrest and Brookland.
This article originally published at http://dc.urbanturf.com/articles/blog/the-neighborhoods-in-dc-where-you-arent-the-only-person-bidding-on-a-home/17472
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