Home | Newsletter | Advertise
loading...

Homes in DC Are Selling Three Times Faster Than 2010

  • September 23rd 2015

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

Homes in DC Are Selling Three Times Faster Than 2010: Figure 1
A home in LeDroit Park that sold in five days earlier this year.

The speed at which homes are finding buyers in the District has increased dramatically over the past five years.

The median days on market metric for the city in the third quarter of 2010 sat at 30 days. That number has dropped to eight days in the third quarter of 2015, according to data from RealEstate Business Intelligence. The high price of many homes in the city doesn’t mean that they will sit on the market longer, either. 53 homes priced between $1 million and $2.5 million were listed in August; half of those were under contract in less than ten days.

Homes in DC Are Selling Three Times Faster Than 2010: Figure 2
 Click to enlarge.

The pace at which homes are selling varies from neighborhood to neighborhood. Homes listed in AU Park are selling in a week, on average. In Observatory Circle, the average is 21 days.

The increased speed at which homes are selling over the last five years has coincided with a dwindling housing supply. The housing inventory for the city has not risen above a six-month supply, the benchmark for a balanced market, since 2010.

This article originally published at https://dc.urbanturf.com/articles/blog/homes_in_dc_are_selling_three_times_faster_than_2010/10370.

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!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse