A home in Palisades.
For this installment of Home Price Watch, UrbanTurf heads over to Palisades, a neighborhood that runs along the Potomac River and DC/Maryland border where the housing market this year has, in many ways, followed the opposite trajectory of 2016.
Last fall, Palisades was experiencing two contrasting dynamics: high sales volume and lower prices. This year, the situation is reversed — sales have dropped by 20 percent as the median sales price has risen.
While sales of detached homes have been flat in 2017, the sales of attached units have dropped by 40 percent compared to this time last year. Meanwhile, the median price in the submarket has almost recovered from its 2016 dip, rising from $862,500 to $909,000.
Months of supply in Palisades
As a consequence of rising prices, listing prices for homes have risen nearly 14 percent in 2017, from about $909,000 to $1,035,337. Despite a drop in sales for attached units, buyers don’t seem that deterred, purchasing homes for an average of 99.4 percent of listing price compared to 98 percent last year. What’s more is that about 50 percent of listings on the market this year sold within ten days of being listed.
While these strong market indicators may point to a neighborhood where supply is scarce, there were nearly 3 months of supply on the market by the end of August, down from 5 months in July, but still a relatively high supply of homes for sale compared to the rest of the city.
Housing data for the legal subdivision of Palisades for this article was provided by RealEstate Business Intelligence. Palisades is approximately bordered by the Potomac River to the southwest, Loughboro Road to the north, and Chain Bridge Road to the east.
This article originally published at http://dc.urbanturf.com/articles/blog/a_healthier_housing_market_in_the_palisades/13081
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