Home Price Watch: The Fast-Moving Market in Petworth

• June 21, 2016

by Nena Perry-Brown

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.

Click to enlarge.

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 http://dc.urbanturf.com/articles/blog/home_price_watch_th_fast_moving_market_in_petworth/11377