A home in Eckington that sold earlier this year.
In this week’s Home Price Watch, we take a look at Eckington, which saw a 19 percent increase in its median sold price. The median sold price from January to May of this year was $595,000, a 19 percent rise from the same period last year, when it was $500,000.
The average list price for sold homes has also increased this year, jumping 16 percent from $499,797 to $580,232. Homes are generally selling above their list price, too; the average sold price to the original listing price ratio was 103 percent, an increase of 3.5 percent over last year and an indication that Eckington is definitely a seller’s market.
The majority of the homes were conventionally financed, indicating most weren’t purchased by investors. Sales of three- and four-bedroom or more homes were the most common, making up 65.5 percent of the units sold.
And most of the homes in the neighborhood are selling pretty quickly. 33 of the 61 units sold this year were on the market for 10 days or less. Still, in a slower point for the neighborhood, homes spent an average of 42 days on the market during the time period, up 15 days from the same period last year.
UrbanTurf used data on the legal Eckington subdivision from real estate data firm RealEstate Business Intelligence for this article.
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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_eckington_where_median_prices_jumped_19_percent/9988
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