It likely won’t come as a surprise to many UrbanTurf readers that the real estate market in the U Street Corridor had a pretty good year.
Overall sales volume for the neighborhood more than doubled from $12.29 million to $28.89 million in 2015. The number of listings that sold, virtually all condos and co-ops, increased from 22 units in 2014 to 47 units this year.
The median sales price for the area stayed about the same, rising just three percent to $614,865. While prices didn’t move much, homes in the neighborhood flew off the market: 70 percent of listings sold within the first ten days of hitting the market in 2015.
A few more takeaways from the data:
- The average sales price to original list price ratio sits just above 100 percent, suggesting that homes are selling at or above asking.
- Just five of the 47 sales in the neighborhood this year were not condos or co-ops.
- No home in the neighborhood that sold in 2015 was listed for longer than four months.
For the purposes of this article, UrbanTurf defines the U Street Corridor as east of 16th Street NW, west of 8th Street NW, north of T Street and south of V Street.
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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_u_streets_seeing_double/10677
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