What's Hot: Douglas Development Files PUD For Large Warehouse At New City Site Along New York Avenue
The 7 Places in the DC Area Where You Aren't the Only One Bidding on a Home
✉️ Want to forward this article? Click here.
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 March.
story continues below
loading...story continues above
Leading the way was the area of Bethesda that includes portions of Glen Echo and Brookmont, as well as the DC neighborhood of AU Park, where the contract ratio came in between 1.7 and 1.8. Just behind that with a ratio of 1.5 was Kensington. Rounding out the list are Mount Pleasant, Chevy Chase and Palisades in DC, as well as the Virginia zip code of 22043 adjacent to Tysons Corner.
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's supply of homes on the market.
Photo courtesy of Carla Russo.
See other articles related to: contract ratio, dc housing market trends
This article originally published at https://dc.urbanturf.com/articles/blog/the_7_places_in_the_dc_area_where_you_arent_the_only_one_bidding_on_a_home/20973.
Most Popular... This Week • Last 30 Days • Ever
When you buy a home in the District, you will have to pay property taxes along with y... read »
The largest condominium building in downtown DC in recent memory is currently under c... read »
The plan to convert a Dupont Circle office building into a residential development ap... read »
The Rivière includes just 20 homes located on the eastern banks of the Anacostia Riv... read »
Why Tyra Banks is serving ice cream in DC; a bike shop/record store opens in Adams Mo... read »
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