Despite higher mortgage rates and broader economic noise, the Washington market continues to show a clear pattern: competition is holding.
A recent Bright MLS survey found that 52% of homes in the DC region received multiple offers in the first quarter, closely tracking the broader Mid-Atlantic. On average, sellers saw 2.4 offers per home.
The dynamic is not evenly distributed. Single-family homes remain the most competitive segment, with over 60% drawing multiple bids. Townhomes follow, while condos trail meaningfully behind. That gap is driven by inventory. Detached home supply remains well below pre-2020 levels, while condo inventory has risen materially.
The implications are significant. Homes that attract multiple offers sell above asking price 41% of the time. By contrast, properties that receive only one offer are selling, on average, more than 6% below list.
At the upper end, the story is equally telling. Over the past six weeks, 16 homes priced above $5M have gone under contract in our area. That is exactly in line with the same period last year. A somewhat surprising level of consistency given inflation, global conflict, and broader uncertainty.
Or perhaps not. For many buyers, real estate continues to function as both a store of value and a hedge against inflation, particularly at the high end.
