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Home Price Watch: Up In Michigan Park

  • September 22, 2015

by Tianna Mañón

Home Price Watch: Up In Michigan Park: Figure 1
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.

Home Price Watch: Up In Michigan Park: Figure 2
Click to enlarge.

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.

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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_numbers_are_up_in_michigan_park/10361

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