A home on the market in Crestwood.
For this week’s Home Price Watch, UrbanTurf heads to a neighborhood tucked away between 16th Street and Rock Creek Park that may have one of the hottest housing markets in the city.
There are a number of statistics that help support this claim for the Crestwood neighborhood, starting with the increase in median home sales prices. This year, prices rose 17 percent, jumping from just above $800,000 last year to $940,050 in 2015.
While four fewer listings have sold in the neighborhood this year compared with last, homes are selling much faster in 2015. Last year, the average days on market statistic for the area was 77 days. This year, that statistic has dropped 70 percent to 23 days, and 64 percent of the homes listed sold within the first ten days on the market.
Crestwood has been one of the most competitive neighborhoods for homebuyers in 2015. The ratio of average sales price to listing price sits at 102.6 percent, one of the highest ratios for any neighborhood in the city and evidence that homes are regularly selling for above list price.
UrbanTurf used data on the legal Crestwood subdivision from real estate data firm RealEstate Business Intelligence for this article.
- Home Price Watch: A Look at Spring Valley
- Home Price Watch: Prices Rise 16 Percent in Dupont Circle
- Home Price Watch: Up In Michigan Park
- Home Price Watch: The Neighborhood Where You Will Pay Above Asking
- Home Price Watch: The 35 Percent Increase in Anacostia
- Home Price Watch: A Good Year for AU Park
- Home Price Watch: Woodridge Prices Shoot Up 20 Percent
- Home Price Watch: The Very Fast Moving Market of Logan Circle
- Home Price Watch: Home Prices in LeDroit Park Increase 14 Percent
- Home Price Watch: Prices Edge up Slightly in Palisades
- Home Price Watch: Prices Jump 13 Percent in Brightwood
- Home Price Watch: Trinidad, Where Prices Jumped 7 Percent
- Home Price Watch: Eckington, Where Median Prices Jumped 19 Percent
- Home Price Watch: The Very Active Housing Market in Columbia Heights
- Home Price Watch: Cash is King in Georgetown
This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_the_hot_market_in_crestwood/10470.
Most Popular... This Week • Last 30 Days • Ever
If you make your way through downtown Bethesda, it seems like there is a new project ... read »
The late senator's Spring Valley home has hit the market, and new photos offer a look... read »
The Post will stay downtown; a look at DC renters who are renovating; and the residen... read »
This week's Best New Listings includes a historic Sears Kit Home, a bungalow with bri... read »
The news anchor dropped the price for his sprawling DC home, but it still could set a... 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. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro