Home Price Watch: Takoma Park Prices Rise 20 Percent

• June 28th 2016

by Nena Perry-Brown

During the first half of 2016, UrbanTurf has been examining how home prices have fared throughout the DC metro area over the past 8 years. However, it is also important to see how neighborhood markets have performed thus far this year compared to the first half of 2015.

This week’s Home Price Watch puts the spotlight on Takoma Park, Maryland, where home prices have risen 20 percent since this time last year.

Through the first five months of 2016, homes in Takoma Park sold for a median of $475,000, compared to $395,000 over the same timeframe in 2015. Despite the jump in prices, homes are selling for 96.9 percent of their original listing price rather than 99.9 percent as they were around this time last year.

Some other interesting findings for the first half of 2016 are that:

• At 52, the number of homes sold thus far this year is pretty consistent with the same timeframe last year.
• Despite an increase in prices, homes are spending nearly 14 percent longer on the market in 2016.
• Homes in Takoma Park are being listed for an average price of $503,511 — 15 percent higher than they were listed at this time last year.

Housing data for the legal subdivision of Takoma Park for this article was provided by RealEstate Business Intelligence.

This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_takoma_park_twenty_percent/11406.