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Home Price Watch: A 14% Price Jump in Spring Valley

by Nena Perry-Brown

Home Price Watch: A 14% Price Jump in Spring Valley: Figure 1
A home in Spring Valley

For this week’s installment of Home Price Watch, UrbanTurf revisits Spring Valley, an upper Northwest DC neighborhood where prices have risen noticeably in the past year.

While total sold dollar volume doubled this year compared to the same period in 2016, median prices are up nearly 14 percent, rising from $1,585,000 to $1.8 million. The appreciation is even more pronounced for single-family homes with 4-or-more bedrooms, the dominant property type in the neighborhood, for which average prices skyrocketed 37 percent to $2.33 million.

Home Price Watch: A 14% Price Jump in Spring Valley: Figure 2
Median sales price compared to original listing price

Average list price has followed suit, rising 30 percent to $2.2 million, however, homes are selling at a smaller proportion of list price than they in 2016, likely because buyers are offering less for homes that have sat on the market longer: Sixty-five percent of homes spent over a month on the market this year before selling, and 64 percent of those homes were on the market for over six months.

Housing data for the legal subdivision of Spring Valley was provided by RealEstate Business Intelligence. Spring Valley is roughly bound by Massachusetts Avenue and Dalecarlia Parkway NW to the north and Loughboro Road/Nebraska Avenue NW to the south.

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_a_14_price_jump_in_spring_valley/12740

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