Home Prices Jump 19% in Anacostia As Sales Drop

• July 3rd 2018

by UrbanTurf Staff

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Last week, UrbanTurf covered the most affordable housing markets in DC. For Home Price Watch this week, we take a closer look at one of those neighborhoods. 

While sales volume has dropped off slightly this year, there are a variety of other metrics that point to the housing market in Anacostia being on sold footing. 

Home prices have risen 19 percent in the neighborhood this year to $357,500, and sellers are taking notice as average listing prices have followed suit by increasing 15 percent. While fewer homes have sold this year than at this point in 2017, they are still selling quickly. Sixty percent of sales in Anacostia were on the market for ten days or less, and the median days on market for homes in the neighborhood during the first quarter came in at just ten days, the lowest total on record for Anacostia. 

Anacostia does not have the severe dearth of inventory that other DC neighborhoods are experiencing, but the supply is still lacking. In May, there was a 1.5-month supply of homes on the market and that level hasn't eclipsed two months since last June. 

Housing data for the legal subdivision of Anacostia for this article was provided by RealEstate Business Intelligence. The Anacostia neighborhood is situated between Good Hope Road and Morris Road SE to the north and south, I-295 to the west and just past the Anacostia First Reservoir and Avalon Playground to the east.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home-prices-jump-19-in-anacostia-as-sales-drop/14182.