For this edition of Home Price Watch, UrbanTurf heads over to Dupont Circle, a neighborhood in one of the city’s lowest-priced zip codes where sales have dropped off noticeably in 2017.
While Dupont Circle has long been a popular DC neighborhood for home buyers, it seems that listing prices have gotten somewhat aspirational, which might be the cause for the drop in sales. Compared to last year, there has been a significant increase in the average list price of homes for sale (up 23 percent to $703,837), while the number of sales thus far this year has fallen by 31 percent.
Dupont Circle is a neighborhood of two property types — condos/co-ops and high-priced townhomes — and that property breakdown was evident in the sales figures this year. Condos and co-ops represented 85 percent of sales in 2017, with an average sales price of $498,598. The remaining sales were on the other end of the spectrum, with average sales prices for townhomes with 4 or more bedrooms up 13 percent to $2.2 million.
Housing data for the advertised subdivision of Dupont Circle was provided by RealEstate Business Intelligence. Dupont Circle is generally considered to be bound by 22nd Street, Florida Avenue and U Street to the west and north, 15th Street to the east and M Street to the south.
This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_sales_drop_as_listing_prices_rise_in_dupont_circle/12940.
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