Top 10 Most-Discounted Zip Codes in the DC Metro

• February 13th 2009

by Will Smith

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Online real estate agency Redfin has posted the monthly top-ten list of zip codes in the DC metro that saw the widest gap between list price and actual sale price over the last two months. “Our goal in sharing this data is to help potential buyers to know which neighborhoods are softer in terms of sale price discounts off list price, to better equip you when making an offer, and help you know where to look for potential bargains,” reads the blog.

The market with the softest prices is 20007, which includes Georgetown, Glover Park, Cathedral Heights, and Foxhall. Prices in the zip code saw a gaping 9.2 percent spread between asking and selling. Behind 20007 comes 22066, which includes Great Falls. It has a 9.0 percent spread. The fact that two higher-end zip codes are at the top of the list supports the fact that the luxury real estate market is taking it on the chin (see Think Your Home Lost a Lot of Value? Try Being Rich). Following is the full list:

Note that the list prices used in the calculation for each zip code are the final list prices, after all previous price reductions.

The markets that have the narrowest spread between list and selling prices are below. This list is led by 22151, the area immediately to the south of Braddock Road in Northern Virginia. There was literally zero spread there, which means every home sold for the price at which it was listed.

Two other notable stats:

• The area-wide average is 4.0 percent.
• Of the 3,607 home sales tracked by Redfin to generate these lists, 626 — about 17 percent — actually sold for above their list prices. (Although remember, there might have been earlier list price reductions before the home finally sold.)

See the full post from Redfin here.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/top_10_most-discounted_zip_codes_in_the_dc_metro/541.