Last week, UrbanTurf highlighted the neighborhoods in DC where the median home price in 2019 was at least $1 million. Today, we highlight the five neighborhoods that were the most affordable for homebuyers.
To determine the most affordable housing markets, we looked at the advertised subdivisions in DC with the lowest median home prices in 2019, only counting neighborhoods with at least 16 home sales. Most of the neighborhoods listed in the table below have long been known as having relatively affordable homes for sale, although for Van Ness and Foggy Bottom, that affordability is largely due to the prevalence of condos and co-ops in those neighborhoods. All of the units sold in Van Ness last year were condos or co-ops, while those units accounted for 93% of the sales in Foggy Bottom.
The other three neighborhoods listed are all east of the Anacostia River, and of those, Barry Farms is the only one where condos accounted for more than one in four sales.
Out of all the above neighborhoods, Congress Heights is the only one where the average listing sold for above asking price. With that in mind, it makes sense that Congress Heights and Marshall Heights are the only two of the five least-expensive neighborhoods where the median sales price went up between 2018 and 2019.
For comparison purposes, below is the table of the cheapest DC housing markets in DC in 2018.
This article originally published at https://dc.urbanturf.com/articles/blog/dcs-five-most-affordable-neighborhoods-for-homebuying/16359.
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