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.
- 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
See other articles related to: dc area market trends, dc home and condo prices, dc home prices, dc home sales, dc housing inventory, dc housing prices, home price watch, home prices, home sales, housing inventory, housing market, housing market trends, housing prices, palisades
This article originally published at https://dc.urbanturf.com/articles/blog/hpw_40_pct_more_sold_palisades/11748.
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf created Pipeline, a searchable database of multifamily projects that are un... read »
As we head towards the end of the year, UrbanTurf is wrapping up its coverage of larg... read »
The plans for the new two-building residential project at Union Market got a big thum... read »
A new report illustrates how much space one can rent for the elusive price of $1,700 ... read »
Stonebridge's big residential plans for the former Jewelry Exchange building in Bethe... read »
A new report out this week found that homes in the DC region are selling nearly a wee... read »
When Amazon announced in 2018 that it would be opening a second headquarters in Virgi... read »
A revised plan is on the boards for a group of five townhouses in the middle of China... read »
The proposed district would encompass the neighborhood's commercial strip along Conne... read »
WTOP is reporting that The Heights, an eight-stall food hall that is taking over the ... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro