Home Price Watch: A Tale of Two Markets in Palisades

• October 4, 2016

by Nena Perry-Brown

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.

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.

Similar Posts:

• Why North Cleveland Park Is One of DC’s Hottest Housing Markets
• The Effects of the Chronically Low Housing Supply in AU Park
• Home Sales Increase 50 Percent in Bloomingdale as Supply Dives
• Home Price Watch: The High Volume Market of Columbia Heights
• Logan Circle Market on Cruise Control as Median Prices Approach $700,000
• Higher Prices, More Competition: The True Heat of the Anacostia Housing Market
• Home Price Watch: A 10 Percent Increase in 16th Street Heights
• Home Price Watch: Prices Rise 21 Percent in Deanwood
• Georgetown Home Buyers Still Cash-Rich and Quick to Commit
• Home Price Watch: Homes Selling Fast in Eckington as Supply Increases
• The Mount Pleasant Housing Market Steps on the Gas
• Home Price Watch: Takoma Park Prices Rise 20 Percent
• Home Price Watch: The Fast-Moving Market in Petworth

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