A home under contract in AU Park.
In this week’s Home Price Watch, UrbanTurf looks at American University Park, where home prices have risen about 4 percent so far in 2014. In examining the neighborhood’s market, UrbanTurf used segmented data from real estate data firm RealEstate Business Intelligence (RBI), which shows a year-over-year snapshot in the legal AU Park subdivision between January-June 2013 and January-June 2014.
AU Park sits west of Tenleytown, and gets its name from nearby American University. The neighborhood is between Massachusetts Avenue to the southwest, Nebraska Avenue to the southeast, Wisconsin Avenue to the northeast and Western Avenue to the northwest.
The numbers out of AU Park in 2014 show a small but increasingly valuable market. The median price of a home has risen about 4 percent year-over-year, from $890,000 to $925,000, and on average, homes are selling for above their asking price, which we noted in a feature earlier this week. As a percentage of the original list price compared to the sales price, AU Park’s homes are actually going further above asking, on average, than homes in any other neighborhood in the city.
A few more takeaways from the AU Park data:
- On average, homes are spending a little longer on the market in 2014. Days on market went from 12 in 2013 to 17 this year. But a majority of the homes sold this year went under contract in the first 10 days that they were on the market.
- In 2013, homes were selling for even higher above their asking prices than in 2014. Though homes in AU Park still have the highest original list price-to-sold price ratio in the city, that ratio’s actually gone down 1.9 percent in 2014.
Check out the other neighborhoods we’ve covered in Home Price Watch here.
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_american_university_park_where_homes_are_selling_above_ask/8839
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