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Home Prices in Michigan Park Shoot Up 24% With Single-Family Homes Leading the Way

by UrbanTurf Staff

A home in Michigan Park.

Today, UrbanTurf continues its look at local housing markets around the DC region, as we head over to the Northeast DC neighborhood of Michigan Park. 

Following the trend seen around the region, a low supply of homes in the first half of the year, combined with high buyer demand, resulted in a notable jump in home prices in Michigan Park. Median sales prices were up 24% year-over-year, thanks in large part to a 22% jump in prices for detached single-family homes with 4+ bedrooms. In May, Michigan Park also had one of the lowest days on market metrics in the city, with homes in the neighborhood selling in a median of five days. 

Below are some statistics that UrbanTurf compiled about the Michigan Park market.

  • $765,000 -- The median home sales price n 2021, up 24% compared to 2020. 
  • $915,669 -- The average sales price on a detached home with 4+ bedrooms, up 22% compared to 2020. 
  • 100.6% -- The average sales price to original list price ratio in the neighborhood in 2021. 
  • 58% -- The percentage of homes that sold within ten days of being listed in 2021.

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This article originally published at http://dc.urbanturf.com/articles/blog/home-prices-in-michigan-park-shoot-up-24-with-single-family-homes-leading-t/18417

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