With the start of the fall housing market on the horizon, UrbanTurf is taking an updated look at the neighborhoods around DC where homebuyers are likely to face the most competition.
UrbanTurf used two metrics to determine the competition level in given neighborhoods. First, we used the year-to-date ratios of average sold price to original listing price for legal and advertised subdivisions in DC. The baseline ratio is 100 percent, so any average above 100% is an indication that homes are selling for above the asking price. The second metric we examined was housing inventory.
North Cleveland Park and American University Park are still two of the top neighborhoods where homes are selling for above listing price this year, even as home prices haven’t changed much in either area from 2016 to 2017.
Lily Ponds, a small enclave near the Northeast DC-Maryland border, is a new entrant in the rankings, with median prices jumping by 15 percent over the past year to a still-affordable $287,800. Unsurprisingly, the top three neighborhoods with homes selling for above asking have drastically low levels of inventory, with two weeks or less of active listings on the market. The advertised subdivision of Logan Circle is a neighborhood that still enjoys some of the strongest competition for purchases in the city and has seen more units sell this year than at the same time in 2016.
While the margin by which neighborhoods are seeing sales rise above asking has narrowed as 2017 has progressed, there are a few more neighborhoods where the homebuyer competition level is high, including the advertised subdivisions of Bloomingdale, Burleith, and Mount Vernon Triangle and, to a lesser extent, the legal subdivisions of Columbia Heights, Crestwood, Foxhall and Mount Pleasant.