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Home Price Watch: Forest Hills Remains a Tale of Two Markets

  • November 30th 2015

by Tianna Mañón

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Home Price Watch: Forest Hills Remains a Tale of Two Markets: Figure 1
A home in Forest Hills.

The Forest Hills housing market essentially consists of two markets — the area around Connecticut Avenue made up of condos and co-ops, and the section of the neighborhood nestled near Rock Creek Park that is filled with million-dollar homes.

While the median sales price has risen about 10 percent this year in the neighborhood south of Chevy Chase, it is important to look at the market in the context of these two segments.

Condos and co-ops make up the overwhelming volume of property sales in the neighborhood, accounting for 77 percent of sales this year. The average price for this segment rose 8 percent to just over $400,000. In contrast, virtually all of the remaining sales in the neighborhood were for four-bedroom homes. Specifically, 22 percent of sales in the neighborhood were four-bedrooms with an average sales price of $2 million, a 24 percent increase over 2014.

Home Price Watch: Forest Hills Remains a Tale of Two Markets: Figure 2
 Click to enlarge.

On average, homes are taking 49 days to sell in Forest Hills, however, the market is moving a little faster than that statistic suggests. Just over half of the homes listed this year sold within the first 20 days on the market.

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_price_watch_forest_hills_grows_condos_play_part/10631.

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