For this installment of Home Price Watch, UrbanTurf turns its eye toward Deanwood, a Northeast neighborhood that is not only one of the most profitable neighborhoods for house flippers in DC, but also one of the city’s most popular for buyers.
Deanwood’s housing market this year is continuing the upward trajectory observed in 2016. The 220 homes sold thus far this year is the fifth highest sales volume among neighborhoods in DC, and is a 33 percent increase over the 165 homes sold in the same period last year.
Median sales prices in Deanwood
The increased number of sales is reflected in the median sales price, which is up almost 18 percent year-over-year, rising from $255,000 to just below $300,000. Similarly, the average listing price is up nearly 10 percent, from $260,870 to $286,243. Buyers are keeping pace with the higher prices, however, purchasing homes for an average of 99.3 percent of their listing price in 2017 compared to 98 percent last year.
With all of this sales activity, it comes as no surprise that the inventory of homes on the market in the neighborhood has been trending downward, going from nearly nine weeks of supply in September 2016 to closer to 7 weeks of supply in September 2017.
Housing data for the legal subdivision of Deanwood for this article was provided by RealEstate Business Intelligence. Deanwood is roughly bound by Division Avenue, Nannie Helen Burroughs, I-295 and the Maryland border at Eastern Avenue NE.
This article originally published at http://dc.urbanturf.com/articles/blog/deanwood_remains_one_of_dcs_most_active_housing_markets_in_2017/13166
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