Bidding Wars Escalate Along With Interest Rates

The Washington, D.C. real estate market has hit a new frenzy in the past month as the spring season, combined with a slight rise in interest rates and a strong job market, has kept demand high and supply low. Nearly any liveable house is attracting multiple offers and escalation clauses are sending prices soaring tens of thousands of dollars above asking. "Median prices in March rose 16 percent in Arlington and Prince George's County compared with a year earlier, 20 percent in Montgomery County and the District, and 28 percent in Loudoun County, according to MRIS data."

Thanks to Janet Boyko