As featured on UrbanTurf.com
Later this week, UrbanTurf will take a deep dive into just how competitive the DC housing market has become, but today we’ll give you a tidbit that is illustrative of the current climate.
We recently looked at the original list price to sold price ratio of homes sold in legal subdivisions across DC to find out where homes are selling above list price. If the ratio were perfect, and homes were selling at their list price, the metric would be 100 percent. In the neighborhoods below, the ratio has been greater than 100 percent for all of 2017.
Topping the list so far in 2017 are North Cleveland Park and American University Park, where the ratio sits at 107 percent and 106 percent, respectively. While the ratio in both neighborhoods is high, the median prices in the two areas have dropped noticeably since 2016.
Other neighborhoods where competition is high include Mount Pleasant, Bloomingdale and Glover Park. Prices jumped in all three of these neighborhoods, in contrast to North Cleveland Park and AU Park, with values jumping a whopping 48 percent in Glover.
The sales volume in the neighborhoods above was not particularly high given that it represents only three months of sales this year. However that was not the case in Mount Pleasant where 50 homes have already sold.