What's Hot: The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn | Do Three Months of Rising Home Sales Mean The Market is Turning a Corner?
Two Offers or More: A Look at DC's Multiple Bid Neighborhoods
The fierce competition in the DC housing market continues to be concentrated on the east side of the city.
An updated look at the neighborhoods in DC where homes for sale are garnering multiple bids reveals that, aside from a handful, these neighborhoods are concentrated in the eastern section of the city.
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Leading the way are Marshall Heights, Congress Heights and Randle Heights, all neighborhoods east of the Anacostia River where the contract ratio has been above 200 percent in the second quarter of the year. This means that for every active listing in these neighborhoods, properties are receiving, on average, two offers. In Marshall Heights, the ratio comes in above 500%. Also coming in at or above the 200 percent level are American University Park, Michigan Park and Takoma. Just below the 200 percent level are Hillcrest and Fort Dupont Park.
For this article, UrbanTurf analyzed legal and advertised subdivisions in DC that have at least twenty home sales in 2018. 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.
See other articles related to: dc housing inventory, dc housing market, multiple bids, multiple bids dc
This article originally published at https://dc.urbanturf.com/articles/blog/two-offers-or-more-a-look-at-dcs-multiple-bid-neighborhoods/14474.
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