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Cash is Still Crucial in Georgetown’s Housing Market

by Nena Perry-Brown

Cash is Still Crucial in Georgetown's Housing Market: Figure 1
Inside a home for sale on P Street in Georgetown.

In this week’s edition of Home Price Watch, UrbanTurf heads to Georgetown, which still bears the distinction of being one of the most expensive housing markets in the city.

The median sales price for homes in Georgetown rose six percent between the first quarter of 2016 and 2017 to eclipse $1.35 million, helping boost the year’s sold dollar volume by nearly 21 percent. The neighborhood’s steep prices and high popularity are still making it a magnet for cash sales. So far this year, 38 percent of homes purchased in Georgetown were all-cash transactions.

This year, price trajectory varies in Georgetown by property type. The average price for rowhouses with four or more bedrooms has dropped by 10 percent; conversely, the average price of the 25 condos and co-ops sold in the neighborhood this year is $1.06 million, a negligible difference from the sales price during the same time in 2016.

As sales prices have increased this year, so to have listing prices, jumping by 9.3 percent as sellers looking to take advantage of price appreciation. However, it doesn’t appear that sellers are getting those prices, as the average sales price to original list price ratio is down two points from last year.

Housing data for the legal subdivision of Georgetown was provided by RealEstate Business Intelligence. Georgetown is situated along the Potomac River between Glover-Archbold Park and Rock Creek Parkway, with Reservoir Road and Whitehaven Street creating a border to the north astride 35th Street NW.

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This article originally published at https://dc.urbanturf.com/articles/blog/cash_is_still_crucial_in_georgetowns_housing_market/12604

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