Washington DC metro area home prices continue rise. Home prices increased 10.7% from the same time last year, according to RealEstate Business Intelligence. The double-digits increases are due to buyers flocking to the market to take advantage of low interest rates. Unfortunately, sellers are sitting on the sidelines causing low home inventory across the region. The current inventory of homes is at 2005 levels. As a direct result, home prices are pushed up by multiple competing offers. Last week clients went up against 10 other offers for a row house in the popular Bloomingdale neighborhood. My clients’ offer was not chosen and the home eventually went $50,000 over the asking price. Other clients and I are writing an offer this evening for an Adams Morgan condo and we already know multiple offers will be reviewed. Fingers crossed we have the magic number.
Categories: Market stats