A home in Michigan Park.
In Home Price Watch this week, UrbanTurf heads to Michigan Park, a neighborhood that is losing its reputation as one of DC’s remaining affordable housing markets.
Compared to 2014, Michigan Park has seen a 50 percent increase in total dollar sales volume, a 35 percent increase in the number of homes sold, and has seen median sales prices rise 13 percent.
A total of 23 homes have sold in Michigan Park this year, six more than the neighborhood saw in the first 8 months of 2014. The additional six sales, combined with higher prices, bumped sold dollar volume from $7,387,220 to $11,015,520. Median sales prices have jumped to $490,000 from $430,000, a 13 percent increase.
The average days on market metric for active listings increased from 38 to 61 days in 2015. However, 10 of the 23 homes listed in the neighborhood sold in 10 days or less, suggesting that the high days on market number is the result of a few outlier homes that took up to half a year to sell.
Other interesting points of data:
- There has not been a single condo sale in Michigan Park this year.
- The ratio of average sold price to original listing price was 96 percent, suggesting buyers are benefitting, but less so than last year when the ratio was 95.7 percent.
UrbanTurf used data on the legal Michigan Park subdivision from real estate data firm RealEstate Business Intelligence for this article.
- Home Price Watch: The Neighborhood Where You Will Pay Above Asking
- Home Price Watch: The 35 Percent Increase in Anacostia
- Home Price Watch: A Good Year for AU Park
- Home Price Watch: Woodridge Prices Shoot Up 20 Percent
- Home Price Watch: The Very Fast Moving Market of Logan Circle
- Home Price Watch: Home Prices in LeDroit Park Increase 14 Percent
- Home Price Watch: Prices Edge up Slightly in Palisades
- Home Price Watch: Prices Jump 13 Percent in Brightwood
- Home Price Watch: Trinidad, Where Prices Jumped 7 Percent
- Home Price Watch: Eckington, Where Median Prices Jumped 19 Percent
- Home Price Watch: The Very Active Housing Market in Columbia Heights
- Home Price Watch: Cash is King in Georgetown
This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_numbers_are_up_in_michigan_park/10361.
Most Popular... This Week • Last 30 Days • Ever
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
In this edition of First Timer Primer, we take a closer look at what you are actually... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... 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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro