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Logan Circle Market on Cruise Control as Median Prices Approach $700,000

  • August 30th 2016

by Nena Perry-Brown

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Logan Circle Market on Cruise Control as Median Prices Approach $700,000: Figure 1
Homes on Rhode Island Avenue in Logan Circle

UrbanTurf spent early 2016 looking back at how various housing submarkets fared in the DC area in the eight years since the nationwide recession. Since then, we have shifted gears to see how a selection of neighborhood housing markets have performed this year as compared to the same period in 2015.

For this week’s edition of Home Price Watch, we are taking a look at Logan Circle, one of the city’s trendiest neighborhoods in recent years.

Logan Circle Market on Cruise Control as Median Prices Approach $700,000: Figure 2

The median price for homes in Logan Circle is approaching $700,000, coming in at $677,500 thus far this year, a 9.72 percent increase over the 2015 median of $617,500. The average listing price is now well above $700,000 — $757,293 to be specific, up 6.5 percent compared to last year.

Despite the increasing prices, other market indicators seem to suggest that while Logan Circle is still a highly desirable neighborhood, the housing market is stabilizing.

Dwellings are spending an average of 24 days on the market — the same length of time they spent on the market through July 2015. Listings are also selling for an average of 100.6 percent of their asking price this year, compared to 101.2 percent through the first seven months of 2015.

Perhaps most telling is the increased supply of homes on the market in Logan Circle. In July 2015, there was 0.8 months’ worth of supply on the market; this July, that supply has more than doubled to just over two months.

Housing data for the advertised subdivision of Logan Circle for this article was provided by RealEstate Business Intelligence.

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/hpw_logan_circle_on_cruise_control/11613.

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