Bidding wars between multiple buyers in the housing market have cooled nationwide, but there are still hot neighborhoods where they remain common, and D.C. ZIP code 20009 is one of them.
WASHINGTON — Bidding wars between multiple buyers in the housing market have cooled nationwide, but there are still hot neighborhoods where they remain common and D.C. ZIP code 20009 is one of them.
Redfin says 85 percent of its deals in November in 20009 had multiple offers, behind only a ZIP code in Oakland, California for bidding wars.
What makes 20009 so desirable?
“It is a really central area rich in amenities, close to jobs downtown, public transportation and there is really just a lot to do,” Dan Galloway at Redfin’s D.C. office told WTOP. “It is one of the most walkable areas of the city and provides impeccable access to all of the things that make D.C. great.”
The 20009 ZIP code is a really wide one. It covers everything from the very southern tips of Mount Pleasant and Columbia Heights down through Adams Morgan, the U Street corridor, Dupont Circle, Logan and even a bit of Shaw. So, it covers a number of sought-after neighborhoods.
The housing stock in 2009 ranges from relatively affordable condos to very large town houses. The area attracts first-time buyers to top-end buyers, with no specific demographic.
While many properties on the market throughout the D.C. region are still drawing multiple offers, Galloway said it is not as intense as it has been.
“My agents would say they are seeing fewer offers per property, so instead of being up against three or five competing offers, you might be up against just one or two others.
Throughout the D.C. region, Redfin said 37 percent of its offers faced competition in November, the sixth-most competitive big city market in the country.
Like WTOP on Facebook and follow @WTOP on Twitter to engage in conversation about this article and others.