From Fort Dupont Park to AU Park, DC's Multiple Bid Neighborhoods
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Last week, UrbanTurf analyzed what we deemed to be the most competitive DC neighborhoods for homebuyers in the city this year. Based on requests from several readers, today we are providing a supplement to that article which looks at the neighborhoods across DC that are receiving the highest number of offers per active listing.
The most interesting takeaway when looking at the neighborhoods that are garnering multiple bids this year is that, aside from Shaw, the neighborhoods are either located on the east side of the city or the west side, with four of the top five located east of the Anacostia River. The other intriguing data point is that home prices for multiple bid neighborhoods either fall well below the median sales price for the city ($534,000) or rise well above it.
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Leading the way are Fort Dupont Park, Randle Heights, Shaw and Hillcrest, where the contract ratio sits above 300 percent in 2018, which essentially means that for every active listing in these neighborhoods, properties are receiving three offers. Just below the 300 percent level is the neighborhood of Marshall Heights. Neighborhoods that are receiving more than two offers per active listing include American University Park, Congress Heights, Chevy Chase DC and Crestwood.
For this article, UrbanTurf analyzed legal and advertised subdivisions in DC that have had at least ten home sales in DC. 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.
Similar Posts:
- The 5 Most Competitive Neighborhoods for DC Homebuyers in 2018
- The Three Charts That Indicate the Spring Housing Market in DC Could Be Competitive
See other articles related to: dc housing market, multiple bids, multiple bids dc
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/from-fort-dupont-park-to-au-park-dcs-multiple-bid-neighborhoods/13907.
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