The housing market in DC’s Crestwood neighborhood has been known for a low supply of homes for sale and high buyer demand well before that became the situation in virtually every neighborhood housing market in the region over the past year.
“Crestwood’s market has always ebbed and flowed, but now, the demand is like a tsunami,” Robert Crawford, an agent with Washington Fine Properties, said. “(I) bought in Crestwood in 2012 and we were in a multiple offer situation, but it was specific to the property. With COVID driving demand higher for what the area offers, a lot more deals are ending in multiple offer situations.”
John Mahshie, an agent with TTR Sotheby’s International Realty, says that the Crestwood market took off beginning last summer.
“Homes that were selling for $1.3 million at the beginning of the pandemic are now selling in excess of $1.7 million,” he said. “The demand that exited the market at the beginning of the lockdown came flooding back in, not only due to historically low interest rates, but due to the need and desire for more private space, both interior and exterior.”
Historically, inventory has always been low in Crestwood; it’s the kind of neighborhood where people move in and stay for the long haul.
“In the past eight-and-a-half years, I’ve never seen even ten properties on the market at one time -- it just doesn’t happen,” Crawford said.
“Crestwood comprises only approximately 600 properties,” Jay Fazio, Mahshie’s business partner, said. “The proximity to Rock Creek Park and downtown make it an attractive neighborhood for people moving on from more downtown neighborhoods. Most remain for an extended period of time due to the community. It has one of the oldest neighborhood associations in the city that fosters an inclusive environment for the oldest and newest residents alike.”
In addition to location and community, the architecture of Crestwood – larger detached homes on ample lots – helps drive the market. In the past few years, buyers have shied away from purchasing homes that require projects, but after the pandemic, more are relishing the idea of renovating.
“A home needing renovations used to be a deal-killer,” Crawford said. “But now tons of homes in Crestwood are undergoing expansions and renovations. And people who have already bought here have found that they can make renovations and stay in the neighborhood as opposed to moving.”
Here are stats we found most interesting:
- $1.535 million -- The median home sales price in 2021, up 42% compared to last year.
- 105.2% -- Average sale to original list price ratio in Crestwood in April 2021.
- 6 – The median number of days that homes are spending on the market this year.
- 2 -- The number of active listings in April, down 50% from April 2020
- The Sky High Demand on Capitol Hill
- Georgetown: The Competition is Back
- Chevy Chase: The Seller's Market
- Mount Pleasant: No Longer Undervalued
- Del Ray: 5 Days or Less
- Logan Circle: Standard Competition
This article originally published at http://dc.urbanturf.com/articles/blog/crestwood-the-demand-is-like-a-tsunami/18325
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