A home on the market in AU Park.
For this installment of Home Price Watch, UrbanTurf takes a gander at the market in American University Park, which went from being one of the fastest-paced housing markets in the city to one where things have leveled off a bit.
While sales volume increased this year and homes are spending less time on the market, the median sales price in AU Park has dipped from $991,750 in 2016 to $970,400 in 2017. Average prices for single-family detached homes with four or more bedrooms — AU Park’s most prevalent and popular dwelling type — are the sole property class experiencing lower sales prices, dropping by 11 percent from $1,283,402 to $1,142,555.
The inventory of houses on the market in AU Park is also indicative of the decrease in demand, with supply more than doubling over the past year from 0.86 months’ worth in September 2016 to 9 weeks in September 2017. It is possible that many homeowners began listing their properties earlier in 2017 in hopes of taking advantage of the hot market, only to find it more saturated than usual.
Despite evidence that things are calming down from an exceptionally frenzied pace, American University Park remains a competitive local housing market: the average sales price to original list price ratio for the neighborhood still sits at 101.1%, one of the highest in the city.
This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_leveling_off_in_one_of_dcs_most_popular_housing_markets/13195.
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