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DC Housing Market Sees Prices Soar

13 homes sold for at least $500,000 over asking price in the 2nd quarter of 2021 in DC area.

A new report from Zillow finds that more homes than ever are selling for drastically above their asking price.

Nationwide, 2,244 homes sold for at least $500,000 more than their original listing price during the second quarter of 2021, per the report, more than twice as many compared to the first quarter.

In the DC region, the number of homes sold for at least $500,000 above asking almost doubled — from 7 to 13 — between the first and second quarter. The second quarter also saw two DC-area homes sell for at least $1 million over listing price. In contrast, only one home in the region sold for at least a $500,000 premium in the second quarter of 2019.

Overall, however, the DC area is lagging behind nationwide trends in the share of homes selling for at least a 30% premium. The region saw 0.6% of listings sell for 30% above ask in the second quarter, compared to 1.4% for the rest of the country. This proportion puts the DC area tied in the bottom six of the 50 largest metro areas studied.

For context, the San Francisco metro area came in first, with 7.4% of homes sold in the second quarter going for at least 30% above asking and a total of 657 homes sold for at least $500,000 above asking.