If interested in buying a home in Washington, D.C., you may have to beat your competitors by offering more money than a home may be asking (or worth).
According to Zillow, 25.4 percent of home sales in the District sold above their asking price in the year 2017. In comparison, 18.8 percent of home sales sold above their ask in 2012. The median amount paid over listing price this past year was $6,100, or 1.9 percent above.
Meanwhile, in markets like San Francisco, Seattle, and San Jose, more than half of their homes sold above the listing price in 2017.
Across the nation, 24 percent of home sales were above their ask, reports Zillow. The typical U.S. home sold in 80 days, while the typical buyer spent more than four months shopping for their next home.
• Nearly One Quarter of 2017 U.S. Home Sales Were Above the Asking Price [Zillow]