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The 7 Places in the DC Area Where You Aren't the Only One Bidding on a Home

  • May 2nd

by UrbanTurf Staff

3517 17th St NW #10.jpeg
A home in Mount Pleasant.

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. 

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.

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