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Home Price Watch: Prices Rise 21 Percent in Deanwood

by Nena Perry-Brown

Home Price Watch: Prices Rise 21 Percent in Deanwood: Figure 1
Homes in Deanwood.

After beginning 2016 with an examination of how sections of the DC area housing market fared over the past eight years, UrbanTurf has turned its attention to how neighborhood markets have performed this year compared to the first half of 2015.

For this week’s edition of Home Price Watch, we take a look at Deanwood, where home prices have noticeably increased but the market remains affordable.

The median sales price for homes in Deanwood this year is up nearly 21 percent from 2015, increasing from $203,000 to $245,000. Overall sales volume has increased right along with prices, as 17 percent more homes sold in the neighborhood in 2016 as compared to last year.

A closer look at the financing of homes sold in the neighborhood indicates that more people are interested in settling down in Deanwood, as home purchases were equally likely to be through traditional financing as they were cash purchases.

Home Price Watch: Prices Rise 21 Percent in Deanwood: Figure 2

Homes in the neighborhood are selling 27 percent faster than last year, and the quick turnaround is reflected in the average list price, which has gone up by 12.47 percent, from $225,451 to $253,572.

Despite the rise in sales volume and home prices, the supply of homes in Deanwood has remained relatively steady over the past year — 1.87 months in June 2015 compared to 1.83 months this June. However, this is still a tight supply compared to previous years when it was often nearly twice that amount in the neighborhood.

Housing data for the legal subdivision of Deanwood for this article was provided by RealEstate Business Intelligence.

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This article originally published at http://dc.urbanturf.com/articles/blog/hpw_desirable_affordable_deanwood/11535

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