Homes in DC Are Selling Three Times Faster Than 2010
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.
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
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