UrbanTurf continues its annual look at the neighborhood housing markets around the DC region in 2023, as we head over to Cleveland Park.
An interesting thing is happening the Cleveland Park market this year. Unlike most other areas around the city, home sales in this neighborhood between Connecticut and Wisconsin Avenues have not fallen off that much. Much of the sustained sales pace is due two things: 1) high demand from condo and co-op buyers and 2) an increased supply of homes for sale. The inventory of homes on the market was up 47% in the first quarter of 2023 compared to early 2022.
Below are some of the more interesting statistics we picked out about the Cleveland Park market.
- $487,500 -- The median home price in Cleveland Park, up 21% compared to last year.
- 58 -- The number of condos/co-ops that have sold in the neighborhood this year, down just 3% compared to last year.
- 50% -- The percentage of homes that sold in ten days or less.
- 1.77 months -- The supply of homes for sale in May, up 15% compared to May 2022.
- Prices Up And Sales Follow Suit: The Palisades Housing Market, By the Numbers
- Fairly Balanced: The Logan Circle Market, By the Numbers
- Sales Down, Prices Flat: The Capitol Hill Housing Market, By the Numbers
This article originally published at https://dc.urbanturf.com/articles/blog/condos_and_co-ops_bolster_cleveland_park_market/21208.
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