As the housing market cooled in the second half of 2022, so too did the competition among homebuyers in the DC region. However, there were still areas where multiple offers and escalation clauses were common. Today, UrbanTurf is taking a look at the neighborhoods where homebuyers likely faced the most competition this year.
UrbanTurf uses two metrics to determine the competition level around the DC region. First, we look at the year-to-date ratios of average sold price to original listing price for homes. The baseline ratio is 100%, so any average above that is an indication that homes are selling for above the asking price. The second metric we look at is housing inventory, as a low supply of homes breeds more competition.
The two neighborhoods leading the way this year are places where homes do not come on the market frequently. Colonial Village, a neighborhood of about 80 homes on the top of the DC diamond, and Glen Echo just off MacArthur Boulevard only saw about 15 to 20 listings come online for all of 2022, resulting in a high level of competition among buyers.
Homes in American University Park, Cabin John in Maryland and North Cleveland Park almost always sold at a premium in 2022, however that started to change at the end of the year as supply increased. Rounding out the list are Chevy Chase, DC and Potomac, Maryland.
While home prices did not rise notably in many of the neighborhoods above, there was a common theme: all were areas when the median home price exceeded $1.1 million.
- 6 Days or Less: The DC-Area Neighborhoods Where Homes Sold Quickest in 2022
- $415,000 and Less: DC's Five Most Affordable Markets in 2022
This article originally published at https://dc.urbanturf.com/articles/blog/the_7_most_competitive_neighborhoods_for_dc-area_homebuyers_in_2022/20428.
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