WASHINGTON — Yes, you read that correctly. This quaint 2,089 square foot house in Northwest D.C. recently sold for $1.336 million.
The house on Reno Road was originally listed for just under $1 million, but received 32 offers and eventually sold for $1,336,000 on May 7.
Elizabeth Russell, a realtor with Long & Foster, tells WUSA9 that seven of 32 offers on the home came in at or over $1.3 million, while 12 of 32 offers on the home came in at or over $1.25 million.
According to Long & Foster Real Estate, the home — which was built in 1937 — is an "expanded Williamsburg colonial cape style home" with a deep, rear, fully fenced and private garden oasis visually available from both the light bright cathedral ceilings.
In the D.C. housing market, as of Tuesday, there are 2,895 homes for sale. Over the last three months, Long & Foster reports that 3,080 homes have been sold.
On average, a typical home in the D.C. area stays on the market for around 69 days.
Bidding wars have been occurring nationwide and across the D.C. Metro area, and homes routinely have been selling above their list price. With record-low interest rates and working from home, buyers have never been more motivated to buy — making the housing market with demand much higher than the supply.
At the start of the pandemic, there was a short lull of inactivity, but it quickly picked up once people knew they weren't going back into the office anytime soon, according to Shoshanna Tanner and her team at Compass Realty.
"It was already competitive, and this is just another level," said Elissa Laderach, who spoke with WUSA9's Marcella Robertson in an interview last month.
"You think busy months are April, May, June and then it slows down in July. Last year, that was not the case at all. We stayed busy through now," said Caitlin Warren, another agent on Tanner's team.
According to the online real estate market, Redfin, March 2021 was the hottest month in housing history. 42% of homes sold nationwide, sold above their list price.
"Nowadays you need to consider the list price as the opening big. It's almost like eBay," said Tanner.
Many of those homes sold for much more than just a few thousand dollars above the list price.
"We just had clients that wrote an offer $130,000 over the list price. You may have to offer to pay the seller's closing costs, you may have to offer up your firstborn child. Do you want a puppy? People are doing all kinds of crazy stuff to get a leg up on other offers," said Tanner.
Buyers are waiving home inspections, even appraisals. And by the time an open house has wrapped up, you may be up against 40 other offers. In the current market, it only takes hours for a home to sell.
At this point, it is unclear where the current real estate market is headed. Interest rates are expected to rise by the end of the year, so that will potentially stabilize the market. Especially since experts said home prices can only continue to go up so much until people are completely priced out.