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.
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.
This article originally published at http://dc.urbanturf.com/articles/blog/few-options-and-higher-prices-in-michigan-park/14464
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
A look around DC to see where home sellers are dropping their prices.... read »
Just a month after setting a new high in March, the value of a house in DC skyrockete... read »
The National Capital Planning Commission will consider approval of the final master p... read »
The new five-level residential project is planned for the buildings at 1365-1375 H St... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro