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Home Price Watch: A Tale of Two Markets in Palisades

  • October 4, 2016

by Nena Perry-Brown

Home Price Watch: A Tale of Two Markets in Palisades: Figure 1
A home on Sherier Place in Palisades.

For this week’s edition of Home Price Watch, UrbanTurf heads to Palisades, a narrow neighborhood along the DC-Maryland border where many facets of the housing market are two stories in one.

The sales volume in the neighborhood — both in total dollars and number of units — rose over 40 percent between 2015 and 2016. However, the increase in home sales in Palisades has not translated into higher sales prices, as the median price is down 7.56 percent since last year, from $933,000 to $862,500.

Home Price Watch: A Tale of Two Markets in Palisades: Figure 2

While median prices have dipped, the average price for the family-sized homes — four bedrooms or more — that attract many buyers to the neighborhood have risen 22 percent to just over $1.7 million. In contrast, the sales price for attached units is down 23.66 percent.

It may just be that buyers looking to settle in the Palisades are attracted to its larger housing stock and suburban feel, as even conflicting indicators don’t negate the apparently solid demand to settle there. Notably, the months of housing supply in the neighborhood is below two months, an almost 50 percent drop since August 2015.

Housing data for the legal subdivision of Palisades for this article was provided by RealEstate Business Intelligence. The borders for Palisades are the Potomac River to the southwest, the DC-Maryland border to the northwest, and MacArthur Boulevard and Foxhall Road to the east.

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This article originally published at http://dc.urbanturf.com/articles/blog/hpw_40_pct_more_sold_palisades/11748

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