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The 6 Places In The DC Area Where You Aren't The Only One Bidding On a Home

  • April 18th 2024

by UrbanTurf Staff

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A home under contract in Great Falls. 

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 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 the first quarter of the year. 

Leading the way is the area of Bethesda that includes portions of Glen Echo and Brookmont, where the contract ratio came in at 2.5, far above other areas in the region and a significant increase from last year. The Great Falls zip code of 22043 came in second, where there were about two homes under contract for every home on the market last quarter. 

Three DC neighborhoods made the list -- Palisades, Chevy Chase DC and AU Park -- as single-family homes in these areas drew the attention of a lot of buyers. The Bethesda zip code of 20816 also falls into that same category. 

In addition to demand, one of the main reasons that the contract ratio in these areas is high due to a low inventory of homes for sale. In all of the areas above, there are no more than a month and half supply of homes on the market. 

Photo Courtesy of HomeVisit 

See other articles related to: bidding wars, dc bidding wars

This article originally published at https://dc.urbanturf.com/articles/blog/the_6_places_in_the_dc_area_where_you_arent_the_only_one_bidding_on_a_home/22208.

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