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Fewer Options and Higher Prices: A Look at the Housing Market in Michigan Park

by Nena Perry-Brown

Fewer Options and Higher Prices: A Look at the Housing Market in Michigan Park: Figure 1
A home that sold earlier this year in Michigan Park.

This week in Home Price Watch, UrbanTurf takes a look at the housing market in Michigan Park, a DC neighborhood that saw some of the most impressive price appreciation this year and had one of the lowest levels of homes for sale.

The Northeast neighborhood saw the dollar volume of home sales increase by 38 percent this year to just over $16 million. This uptick is driven by 26 listings selling this year at a median price of $620,000 compared to 20 listings selling during the same period in 2017 at a notably lower median price of $545,562.

Detached homes are commanding the most attention from buyers, as average prices are ten percent higher ($640,095) than in 2017 ($581,422). Three-bedroom homes are, interestingly, the only housing type in the neighborhood where prices fell, dropping by 6.54 percent for detached homes and by 4.32 percent for attached homes.

Fewer Options and Higher Prices: A Look at the Housing Market in Michigan Park: Figure 2
Months of supply in Michigan Park. Click to enlarge.

Perhaps the most defining characteristic of the Michigan Park market is the dearth of inventory. From May through July this year, there was a ten day supply of homes on the market available to prospective buyers. Considering that more than one in four homes sold within ten days of hitting the market, it seems that buyers looking in the neighborhood this year have often been faced with few options.

For this article, housing data for the legal subdivision of Michigan Park was provided by RealEstate Business Intelligence. Michigan Park is situated north of Taylor Street and south of Gallatin Street NE between South Dakota Avenue NE and the Maryland border at Eastern Avenue. 

Correction: The article previously referenced the borders of North Michigan Park.

See other articles related to: michigan park home prices, michigan park, home price watch

This article originally published at http://dc.urbanturf.com/articles/blog/few-options-and-higher-prices-in-michigan-park/14464

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