A home that recently went under contract in Anacostia.
For this week’s edition of Home Price Watch, UrbanTurf heads to Anacostia, where the housing market is getting pricier as the active inventory remains low.
While the same number of listings have sold from January through April this year compared to the same period in 2016, the total dollar volume has risen by 20 percent. The increase in dollar volume goes hand in hand with the rise in median sales prices, which have jumped almost 22 percent, from $254,534 to $309,500, since last year.
This price increase is consistent across the board for houses, with both detached and attached home prices going up by roughly 22 percent.
Months of supply in Anacostia
As properties are commanding higher prices, sellers are taking advantage, listing their homes at a 17 percent premium compared to 2016. However, buyers are still showing caution in encouraging a more expensive Anacostia, purchasing houses at an average of 99 percent of list price thus far in 2017 compared to nearly 104 percent of list price last year.
Another sign of caution in this submarket may be that despite the constant number of homes sold, the months of supply in the Anacostia market has been trending downward over the long-term, only exceeding two months’ twice since February 2016.
Housing data for the legal subdivision of Anacostia for this article was provided by RealEstate Business Intelligence. The Anacostia neighborhood is situated between Good Hope Road and Morris Road SE to the north and south, I-295 to the west and just past the Anacostia First Reservoir and Avalon Playground to the east.
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_a_22_percent_jump_in_anacostia/12558
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