Rowhouses in Bloomingdale.
In this week’s Home Price Watch, we head to Bloomingdale, where list prices have risen significantly year-over-year and homes continue to sell above their asking price.
Using segmented data from the advertised subdivision of Bloomingdale provided by RealEstate Business Intelligence (RBI), we looked at the year-to-date housing market data in the neighborhood and compared it to last year to see how the market may have changed.
Bloomingdale is a small neighborhood by DC standards, so it doesn’t have the sales volume of say, Capitol Hill. For example, 19 homes have sold so far this year, down from 21 in the first four months of 2014, so a metric like median price data is not as useful as it is in other parts of DC.
For what it’s worth, median sold prices have jumped 54 percent, from $450,000 to $695,000, in a year’s time. The drastic change is thanks to a drop in condo and co-op sales, of which there have been nine in 2015, compared to 16 in the same period last year. Average sales prices have risen at a rate of about 25 percent. The average list price in the neighborhood rose 17 percent, to $617,163 from $527,729.
Despite the rise in list prices, data for the local market shows that you will be competing to buy a home in Bloomingdale this year. The average sold price to original list price ratio rose a whopping 7 percent in 2015, to 106.8 percent from 99.5 percent. And the ratio of average sold price to original list price moved up to 105.8 percent from 99.4 percent. To put those statistics in perspective, if the average sold price to original list price ratio sat at 100 percent it would indicate that homes are fetching at least their list price, on average.
- $1 Million is the New Normal in Chevy Chase DC
- Home Price Watch: A 38 Percent Rise in Takoma Park
- Home Price Watch: Petworth, Where Prices Are Up 23 Percent
This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_bloomingdale_where_list_prices_rose_17_percent/9899.
Most Popular... This Week • Last 30 Days • Ever
The change would allow for an 80-acre portion of DC's 272-acre Armed Forces Retiremen... read »
The Capitol Hill home has been listed for sale that has a number of serious security ... read »
The new residential project adds to a growing pipeline of development on the boards i... read »
Today, UrbanTurf looks at what we think will be the metrics that will determine the d... read »
Located in the heart of Shaw, Intersect at O includes five elevator townhomes. The fi... read »
With interest rates reaching their highest levels in 22 years, it is critically impor... read »
Long-term interest rates are at their highest level in decades, but a new forecast pr... read »
The Church of the Epiphany has filed plans with the city to demolish the rear portion... read »
Just before the holiday, UrbanTurf is taking its semi-annual look at the neighborhood... read »
Plans have been filed with DC's Historic Preservation Office to convert the building ... 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. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro