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Even With Prices Up 24%, Home Buyers Still Flocking to Bloomingdale

  • July 10th 2019

by UrbanTurf Staff

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A home that sold in Bloomingdale earlier this year.

With the summer housing market underway, UrbanTurf is taking its annual look at the neighborhood markets around the DC region. Today, we head over to Bloomingdale.

The Bloomingdale housing market in 2018 was heavily weighted towards condo sales. This year, the market is more balanced between condo and single-family home sales, and that is represented in a significant rise in home prices. Even with the jump in prices, the market has remained in demand and that can be seen in a variety of metrics (contract ratio, months of supply) outlined below. 

  • $942,000 -- The median price for homes sold in 2019, up 24 percent from 2018.
  • 33 -- The number of homes that have sold this year, up 3.5 percent from 2018.
  • 55% -- The percentage of homes that sold in ten days or less this year. 
  • 100.4% -- The median sales price to original list price ratio in May. 
  • 3.60 -- The contract ratio in May (the total number of homes under contract in a given period to the overall number of active listings), one of the highest ratios in the city. 
  • 1.14 -- The months of supply of homes on the market in May. 

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Photo courtesy of HomeVisit

This article originally published at https://dc.urbanturf.com/articles/blog/even-with-prices-up-24-home-buyers-still-flocking-to-bloomingdale/15640.

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