With low inventory in the D.C.-area housing market and strong buyer demand, potential buyers are competing with each other for the homes they want to buy,
For the second month in a row, more than half of the homes that sold in the region received multiple offers, according to real estate firm Redfin.
Based on its transactions in the D.C. area, 59.7% of its buyers faced bidding wars in June, up from 58.6% in May, making the D.C. housing market one of the most competitive markets in the nation.
Redfin says buyers continue to waive contingencies for a chance at winning a bidding war, but sellers are spending some money that may be encouraging multiple offers.
“I’ve noticed that sellers are providing inspection reports to avoid additional people coming into their home, and that encourages more offers because potential buyers don’t need to make the financial commitment of paying $500 to $800 for pre-inspections on every house they like,” said Redfin agent Shoshana Godwin,
Nationwide, single-family houses and townhouses have been the most likely to see multiple offers. Condos are less likely to see bidding wars, but it still happened among 40% of condos purchased by Redfin clients in June.
With sellers mostly getting the price they want, or more, few need to consider lowering their asking price.
A separate Redfin report said only 4.8% of active listings in the Washington region saw a price reduction in June, down from 7% a year ago.