As the fall housing market winds down, UrbanTurf continues to look at the neighborhood markets around the DC region. Today, we head over to Brightwood.
The Brightwood market in 2020 is characterized by a slight drop in home sales, likely the result of dwindling inventory, and single-family home prices shooting up. Prices for detached homes with four or more bedrooms have risen almost 20% in 2020, as the supply of homes for sale is down almost 50% year-over-year. This has resulted in a much more competitive market, as indicated by the contract ratio for the neighborhood rising significantly since 2019.
Below, UrbanTurf plucked out a few more statistics about the neighborhood market.
- $649,750 -- The median home sales price in Brightwood in 2020, up 6.3% from last year.
- $888,582 -- The average price for a detached home with four or more bedrooms, up 19% from last year.
- 1.4 months -- The supply of homes on the market in the third quarter, down 48% from last year.
- 0.95 -- The contract ratio for the neighborhood in the third quarter, up 39% from last year.
- 43% -- The percentage of homes that sold this year within ten days of hitting the market.
Photo courtesy of HomeVisit.
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This article originally published at https://dc.urbanturf.com/articles/blog/brightwood-housing-market-by-the-numbers/17572.
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