Multiple-offer situations remain a defining feature of the DC-area housing market, according to a new survey, a sign of a competitive market that persists despite elevated mortgage rates and growing economic headwinds.
More than half of all homes sold across the Mid-Atlantic in the first quarter of the year received multiple offers, a Bright MLS survey of listing agents found. The DC region mirrors that trend closely, with 52% of homes on the market drawing more than one bid. Across the broader service area, sellers received an average of 2.4 offers per home.
Competition is particularly pronounced for single-family detached homes, where 61.6% attracted more than one offer, compared to 54.6% of townhomes and 41.4% of condos. That gap reflects a stark inventory reality: detached home supply across the Bright MLS footprint sat at only two-thirds of March 2020 levels at the end of last month, while condo inventory has actually climbed 34% above that same baseline.
The financial stakes of landing in — or out of — a bidding war are significant. The survey found that homes that drew multiple offers sold above asking price 41% of the time, and that figure jumped to 72% for homes with five or more offers. By contrast, single-offer homes sold for an average of 6.1% below list price.
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