How North Cleveland Park Remains One of DC’s Most Competitive Housing Markets

• July 27, 2017

by Nena Perry-Brown

A home currently under contract in North Cleveland Park.

Last year, UrbanTurf wrote about the hot climate of the housing market in North Cleveland Park, and a year later things haven’t changed much. From evidence of multiple offers to extremely low inventory, the small Northwest DC neighborhood continues to be one of DC’s most competitive markets.

Let’s start with supply. At the end of June, there was only about a three-week supply of homes for sale in the neighborhood, indicating an extremely depressed inventory that hasn’t offered more than 1.5 months’ worth of listings at any point over the past year. (A reminder that a healthy benchmark for inventory is a six-month supply, a level that most DC neighborhoods haven’t approached in years.)

The low supply is largely due to the competition in the neighborhood. Out of 29 homes sold this year, 19 did so within ten days of being listed and the median days on market statistic stands at just six days, the lowest in the city. The average sales price to original list price ratio for homes sold this year is 105 percent, the highest in the city and a clear indication that most homes are getting multiple offers.

Months of supply in North Cleveland Park

The high level of competition has made sellers more optimistic, as the average list price has jumped 14 percent to $1.12 million. However, a median sales price drop of 4.6 percent indicates that sellers may have been a bit ambitious with those increases.

Housing data for the legal subdivision of North Cleveland Park was provided by RealEstate Business Intelligence. North Cleveland Park is roughly bound by Wisconsin Avenue and 39th Street NW to the west, Albemarle and Quebec Streets to the north and south, and the eastern boundaries of Connecticut Avenue and Reno Road create a right-angle along Yuma and 36th Streets.

Photo by HomeVisit.

This article originally published at http://dc.urbanturf.com/articles/blog/how_north_cleveland_park_remains_one_of_dcs_most_competitive_housing_market/12842