After 168 bids, a house sells for twice over asking price.
While quite a bit of the real estate market in the United States is struggling, in Washington DC, home sale prices appear to be on the rise.
One house even sold for 400 thousand dollars more than the original asking price, and it is considered to be a fixer upper.
The house was on the market for two weeks and garnered 168 bids. It was sold for approximately $760,000.
According to RealEstate Business Intelligence, homes in the Washington DC area are selling for a median price of 14 percent more than the previous year.
Nationwide the real estate market is slowly gaining some value, with average home prices going up by 10 percent compared to the same time last year.
Zillow Incorported chief economist Stan Humphries said “This gain in cumulative home values is welcome and long-awaited, after years of cumulative value declines. The housing market really turned a corner in 2012, as historic affordability and sustained investor interest helped keep demand at a boil."
What do you think? Is the real estate market in the United States going to see a come back?