A home on Albemarle Street in AU Park.
All signs point to American University Park’s housing market having a very good year.
The number of homes sold and the total dollar sales volume are both up approximately 22 percent compared to last year, and prices have risen as well in 2015. Through July, the median price of homes in the neighborhood jumped six percent from $910,000 to $965,000. Of the 63 homes sold in 2015, 41 sold in ten days or less.
The sustained health of the housing market might be the result of an increase in sales of large, detached homes. Fifty of the homes sold in AU Park in 2015 were detached and 45 were three-bedroom homes or larger. This is a 32 percent increase compared to last year.
A couple more highlights from the neighborhood’s data:
- 75 percent of home purchases were conventionally financed, suggesting most sales were to buyers looking to join the community not flip homes.
- The average sale-to-list price ratio still sits above 100 percent, evidence that homes are selling for above asking more often than not.
UrbanTurf used data on the legal American University Park subdivision from real estate data firm RealEstate Business Intelligence for this article.
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This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_soaring_interest_in_american_university_park/10277.
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