Bidding wars continued in the D.C.-area housing market in October and that’s continuing to push prices higher.
Real estate firm Redfin reported that 65.7% of its buyers in the D.C. region faced competing bids on the homes they made offers on this October.
That ranks the D.C.-area fifth in the nation for multiple offers on residential properties last month, behind Salt Lake City, Utah, San Diego, San Francisco and Austin, Texas.
Multiple offers remain common across the country.
Redfin said 56.8% of its offers on homes nationwide faced competition in October, the sixth consecutive month in which the bidding-war rate exceeded 50%.
Redfin attributes the ongoing strength in the U.S. residential real estate market to record-low mortgage rates, a shortage of homes for sale and a sudden wave of migration made possible by remote work.
There is more competition for single-family homes during this pandemic, with more space, backyards and garages.
Condos are the least likely to face competition, though nationwide, Redfin said 41.4% of its condo offers still faced competing offers.
“The condo market has seen relatively slow growth as remote work, the desire for privacy and record-low mortgage rates have made single-family homes more desirable during the pandemic,” Redfin said.
Markets least likely to see bidding wars, according to Redfin data, are Las Vegas, Miami and Chicago.
A separate report Friday from Zillow said contracts signed to buy a home in the D.C.-region were almost double a year ago in the week ending Nov. 7, up 93.2% from the same week last year, with the median price of what sold up 10.3% from a year ago.