The competition in the DC housing market cooled over the summer, but with fall around the corner and inventory low, it is primed to pick back up. UrbanTurf decided to look at one of our favorite metrics regarding competition in the market to see the neighborhoods where homes for sale are attracting numerous bidders.
For this article, UrbanTurf analyzed the contract ratio for advertised subdivisions 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.
Leading the way in the second quarter of this year is American University Park where the contract ratio in the second quarter was 240 percent. Contributing to this high ratio is a mere three-week supply of homes on the market. Anacostia comes in behind AU Park with a contract ratio of 1.7, but a supply of homes for sale in excess of two months. Other neighborhoods receiving one or more contracts per listing include Chevy Chase DC, Congress Heights and North Cleveland Park.