Supply and demand in the DC housing market
In a stark reversal from a few years ago, real estate agents in the District are encountering motivated buyers, multiple offers and shorter listings for many of the properties they advertise. People considering buying one of the houses for sale in Washington, DC, may take this as a strong indicator that the local market is rebounding from its recent low.
The accelerating market could affect buyers and sellers across the region.
"[In light of the market statistics], it is no surprise that we have received multiple offers on almost all our recent listings, and that our buyers are having to once again negotiate with pre-inspections, escalation clauses and shorter contingency periods," a local real estate professional told the Washington Blade.
The data the real estate professional used - taken from housing analytics firm RealEstate Business Intelligence for the 20009 ZIP code - shows that sales are nearing four-year highs, while listings are approaching their five-year lows.
If you are considering entering this housing market, this data should demonstrate to you that real estate in Washington, DC, is in high demand and should be confronted with as much information as possible.