What's Hot: A Plan For More Development In Van Ness?
The Seven DC Neighborhoods Where You're Paying Above Asking
✉️ Want to forward this article? Click here.
A home in LeDroit Park that sold in April for about $50,000 over asking.
It’s a seller’s market in DC, and there are seven neighborhoods where competition is likely to be particularly intense for home buyers.
UrbanTurf recently looked at the original list price to sold price ratio of homes sold in legal subdivisions across DC. If the ratio were perfect, and homes were selling at their list price, the metric would be 100 percent. In the neighborhoods below, the ratio is greater than 100 percent, meaning that homes are selling regularly selling above list price.
story continues below
loading...story continues above
Topping the list is LeDroit Park, where homes are selling for a median of $710,000, up about $100,000 from last year’s median price. The sales-to-original-list-price ratio in the neighborhood sits north of 103 percent.
Other neighborhoods where competition is high include Eckington, Shepherd Park and Kalorama. Prices jumped the most in Eckington, rising by $150,000 over last year. Prices also rose significantly in Congress Heights and in Shepherd Park, which we include on the list despite the small number of sales in the neighborhood. (Shepherd Park is a fairly small neighborhood to begin with.)
UrbanTurf also noted that homes in Mount Pleasant, a notoriously competitive market for homebuyers in recent years, had seen an unusual median price drop. We found that the price drop was driven by sales of condos and co-ops, where prices have dropped about 27 percent on average this year. This is likely due to an increase of smaller and designated affordable condos and co-ops that sold in 2015.
See other articles related to: above asking, home sales
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/seven_dc_neighborhoods_where_youre_paying_above_asking/9954.
Most Popular... This Week • Last 30 Days • Ever
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
This week’s Best New Listings includes a bi-level condo north of Adams Morgan's mai... read »
On Monday, the listing price for the 30,000 square foot home that was originally buil... read »
DC's Historic Preservation Review Board looks poised to approve changes for one of th... read »
On Wednesday, the Federal Reserve cut interest rates by 50 basis points, and today, m... read »
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- Best New Listings: Windows Galore on Biltmore; One Up, One Down on Swann
- The Price For Dan Snyder's Former Potomac Home Drops By $5 Million
- HPO Recommends Approval For Changes To 280-Unit Building At DC's Reservoir District
- Mortgage Rates Fall Towards 6% Following Fed Cut
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro