A Petworth home that sold last year.
During the first half of 2016, UrbanTurf has been examining how home prices have fared throughout the DC metro area during the past 8 years. Now, we are transitioning to looking at how neighborhood markets are performing this year compared to the first half of 2015.
For our first Home Price Watch this year, we head to Petworth, where prices have ticked up and homes are selling much faster than last year.
The speed at which homes are finding buyers in Petworth has risen dramatically in 2016. The median days on market stat dropped from 58 days in 2015 to 36 days this year, a 38 percent drop. Almost half of the homes listed in 2016 sold in ten days or less.
As the days on market metric headed south, both the number of homes sold and the average listing price increased compared to last year, by 6.72 percent and 3.24 percent respectively. The median sales price also rose by 4.63 percent, from $540,000 in the first five months of 2015 to $565,000 during the same time this year.
While not known for having many detached homes, this property segment in the neighborhood saw the largest price increase since last year, rising 24 percent to an average price of $739,000. Townhomes with four or more bedrooms saw prices rise 12 percent, while condo and co-op prices dropped about 4.5 percent.
Housing data for the legal subdivision of Petworth for this article was provided by RealEstate Business Intelligence.
This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_th_fast_moving_market_in_petworth/11377.
Most Popular... This Week • Last 30 Days • Ever
The Wall Street Journal is reporting that the Jewett House has hit the market for $14... read »
The NHP Foundation has submitted plans to DC's Historic Preservation Office for a new... read »
Add another residential development to the pipeline coming to Columbia Pike. ... read »
There have been a number of development plans for the Exxon gas station site on the w... read »
As the Shakespeare Theatre Company moves forward yet again with redevelopment plans ... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
With interest rates reaching their highest levels in 14 years, it is critically impor... read »
Before deciding to build an addition to your rowhouse, find out whether you'll need t... read »
A stately five-bedroom Woodley Park house has been home to not one, not two, but thre... read »
UrbanTurf takes a look at the options DC homeowners and residents have to take advant... 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