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.
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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_the_hot_market_in_crestwood/10470
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