Home Price Watch: The 33% Price Increase in Crestwood

• December 7, 2017

by UrbanTurf Staff

A home in Crestwood that sold in October.

While sales volume is down, virtually every other metric in DC’s Crestwood neighborhood, including home prices, shot up in 2017.

In Home Price Watch this week, UrbanTurf heads over to the neighborhood nestled between 16th Street and Rock Creek Park where the median home sales price rose 33 percent in 2017, increasing almost $300,000 compared to 2016. The average listing price for homes followed suit, jumping 23 percent, from $978,543 to $1,206,900.

While prices have gone up, sales dropped off by about 18 percent in a neighborhood where less than thirty homes sell annually. Despite the drop in sales volume, homes are selling much faster than last year (19 days versus 24 days) and are also selling at closer to list price.

Here are a few more takeaways from the data:

• 2017 was the first year ever that median home sales prices in Crestwood exceeded $1 million for the whole year.
• 60 percent of the homes sold in the neighborhood this year did so within ten days of being listed.

UrbanTurf used data on the legal Crestwood subdivision from real estate data firm RealEstate Business Intelligence for this article.

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_the_33_price_increase_in_crestwood/13333