Despite a market made cooler by high rates and low inventory, there are still neighborhoods in DC where the buyer competition has been robust this year.
Just before the holiday, UrbanTurf is taking its semi-annual look at the neighborhoods around the city where homebuyers are likely to face the most competition in 2023.
UrbanTurf used a couple metrics to determine the competition level around DC. First, we used the year-to-date ratios of average sales price to original list price for advertised subdivisions in the city. The baseline ratio is 100 percent, so any average north of 100 is an indication that homes are selling for above list price.
And the second metric we examined was housing inventory. Neighborhoods with a high sales price to list price ratio combined with a low inventory of homes for sale are usually competitive.
In 2023, the neighborhoods of upper NW DC that are primarily filled with single-family homes are where you can find the highest volume of bidding wars and listings selling for above asking.
Two separate parks -- American University Park and North Cleveland Park -- have median prices around $1.5 million and only a handful of active listings on the market. The combination of these two metrics makes this pair very competitive for homebuyers. Chevy Chase DC is not quite as intense, but chances are buyers will not be the only ones making offers on homes in the neighborhood.
Rounding out the list are Logan Circle, Mt. Pleasant and Palisades.
See other articles related to: most competitive housing markets in dc
This article originally published at https://dc.urbanturf.com/articles/blog/au_park_to_mt_pleasant_the_6_most_competitive_dc_neighborhoods_for_homebuye/21421.
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