A home on the market in Woodridge.
In this week’s Home Price Watch, UrbanTurf goes to Woodridge, where the median sales price for homes has risen by double digits since last year.
Woodridge sits north of Bladensburg Road and south of Michigan Avenue, with Eastern Avenue to the east. South Dakota Avenue and 18th Street form its western boundary. The neighborhood is known for having relatively affordable homes that sit on large lots, and it has been attracting investors, as well as buyers wanting more for their dollar, for years. It looks like that investment is paying off.
The value of homes in the neighborhood rose significantly over the past year, according to data provided by RealEstate Business Intelligence (RBI). The segmented data from the real estate data firm shows a year-over-year snapshot in the legal Woodridge subdivision between January-August 2013 and January-August 2014.
Last year, the median sales price of homes in Woodridge house was $345,000. That’s risen by 12 percent, to $386,250, in 2014. The increase in value has coincided with an increase in list prices, as sellers now know their homes can command a better price in this year’s market. List prices have risen 7.4 percent, from $375,585 to $403,464, in the past 12 months.
A few more takeaways from the data:
- Despite rising list prices, homes are still selling for less than their asking price in Woodridge, but the margin is getting slimmer. In 2013, the average sales price to original list price ratio was 95.8 percent. This year, it’s gone up to 99.4 percent.
- The majority of homes sold in Woodridge in 2014 have done so within ten days of being listed, but a handful have sat on the market for months. That has pushed up the average days on market metric from 48 in 2013 to 52 this year.
- Twelve of the 69 homes sold so far this year were purchased in all-cash transactions, generally an indicator of an investment purchase in a neighborhood like Woodridge, whereas 40 of the homes sold were bought using conventional financing.
This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_woodridge_where_sales_are_up_12_percent/8994.
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