Home Price Watch: The Fast-Moving Market in Petworth
A Petworth home that sold last year.
During the first half of 2016, UrbanTurf has been examining how home prices have fared throughout the DC metro area during the past 8 years. Now, we are transitioning to looking at how neighborhood markets are performing this year compared to the first half of 2015.
For our first Home Price Watch this year, we head to Petworth, where prices have ticked up and homes are selling much faster than last year.
story continues below
loading...story continues above
The speed at which homes are finding buyers in Petworth has risen dramatically in 2016. The median days on market stat dropped from 58 days in 2015 to 36 days this year, a 38 percent drop. Almost half of the homes listed in 2016 sold in ten days or less.
As the days on market metric headed south, both the number of homes sold and the average listing price increased compared to last year, by 6.72 percent and 3.24 percent respectively. The median sales price also rose by 4.63 percent, from $540,000 in the first five months of 2015 to $565,000 during the same time this year.
While not known for having many detached homes, this property segment in the neighborhood saw the largest price increase since last year, rising 24 percent to an average price of $739,000. Townhomes with four or more bedrooms saw prices rise 12 percent, while condo and co-op prices dropped about 4.5 percent.
Housing data for the legal subdivision of Petworth for this article was provided by RealEstate Business Intelligence.
See other articles related to: home price watch, home prices, petworth, petworth home prices, rbi, realestate business intelligence
This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_th_fast_moving_market_in_petworth/11377.
Most Popular... This Week • Last 30 Days • Ever
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
As a homeowner, it's important to understand the types of insurance you need to prote... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
Plans recently filed with DC's Historic Preservation Office (HPO) outline plans for a... read »
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- What Types of Insurance Do You Need When You Own a Home?
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
- Raising Canes Opening M Street Location in Georgetown
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