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Home Price Watch: Sales Prices Drop 12 Percent in Takoma Park

  • May 19th 2014

by Lark Turner

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Home Price Watch: Sales Prices Drop 12 Percent in Takoma Park: Figure 1
A recently sold home in Takoma Park.

UrbanTurf is using newly segmented data from RealEstate Business Intelligence (RBI) to look at the real estate market in specific DC-area neighborhoods. Using a year-over-year snapshot, we’ve covered neighborhoods where lower sales volume may have contributed to rising prices; others where home prices rose 20 percent in the first quarter of 2014. This week, we take a look at Takoma Park, MD.

In the first quarter of 2014, the Maryland neighborhood known for its bungalows and arts and crafts homes saw fewer sales than in 2013. The median sales price for homes also fell about 12 percent, a trend we haven’t seen replicated in the neighborhoods we’ve looked at thus far.

Home Price Watch: Sales Prices Drop 12 Percent in Takoma Park: Figure 2
Click to enlarge.

Here are a few other takeaways from the data:

  • The average list price for homes that sold fell from $385,000 in 2013 to $360,300 in 2014.
  • The number of detached homes sold in Takoma Park fell 23.3 percent in 2014.
  • Homes are spending a bit more time on the market, but the difference shouldn’t be too obvious to buyers — 61 days in 2014 vs. 55 days last year.

See other articles related to: home price watch, takoma park

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_price_watch_takoma_park_md/8506.

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