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Higher Prices, More Competition: The True Heat of the Anacostia Housing Market

by Nena Perry-Brown

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A home for sale in Anacostia.

As UrbanTurf recently discovered, home prices in Anacostia have seen some of the largest increases in the city over the last two years.

In light of that, we felt that it was an opportune time to examine how the housing market in the neighborhood just east of the Anacostia River has fared this year compared to the first half of 2015.

Home prices in Anacostia continued their rise this year, jumping 17 percent, from $257,000 in 2015 to $301,000 so far this year. The average listing price has mirrored the rise in the median sold price, increasing by 17.9 percent from $254,485 to $300,039.

As prices have risen, so too has the competition in the neighborhood. Homes are now selling for an average of 102 percent of their listing price compared to 97 percent of listing price at this time last year. And here is perhaps the most eye-popping statistic in the chart below: sales volume in the neighborhood has jumped 131 percent since last year.

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Click to enlarge.

Also indicative of increased demand is the stark drop in the supply of homes for sale in the neighborhood — falling from 4.25 months of supply in July 2015 to 1.83 months this past July. The dip in supply is unsurprising considering that the number of units sold thus far this year is nearly double the number that sold during the same period in 2015.

Before we crown Anacostia the city’s hottest housing market, however, note that listings are spending 37 percent more days on the market than last year. Despite that statistic, nearly two of every five homes listed is selling in ten days or less.

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

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This article originally published at http://dc.urbanturf.com/articles/blog/the_true_heat_of_the_anacostia_housing_market/11592

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