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Georgetown Home Buyers Still Cash-Rich and Quick to Commit

by Nena Perry-Brown

Georgetown Home Buyers Still Cash-Rich and Quick to Commit: Figure 1
A home on O Street in Georgetown that sold earlier this year.

UrbanTurf began 2016 looking at how sections of the area housing market fared over the past eight years. More recently, we turned our attention to how neighborhood markets have performed this year compared to the first half of 2015.

For this week’s Home Price Watch, we take a look at Georgetown, where the trend of cash purchases has remained prevalent.

Unlike some neighborhoods in DC where cash purchases are made by investors looking to renovate and then flip homes, cash transactions in Georgetown are often made by buyers who will occupy the purchased home and and have enough cash on hand that they don’t require traditional financing.

Through the first half of 2016, 99 homes have sold in Georgetown — nearly half of which (47) were purchased in all-cash transactions. This remains consistent with our analysis from last year where we noted that about 50 percent of the home purchases were all-cash.

Georgetown Home Buyers Still Cash-Rich and Quick to Commit: Figure 2

While the number of cash purchases remains high, the median sales price hasn’t changed appreciably since this time last year, and the average listing price has actually fallen 12.49 percent, to $1,455,210 from $1,662,945.

A drop in listing price may be the reason that homes seem to be selling much faster this year, spending an average of 31.87 percent fewer days on the market than the first half of 2015.

Here are a couple other highlights from the report on Georgetown:

  • While prices were flat from year to year, Georgetown remains one of the priciest places to buy in DC with a median price of $1.2 million.
  • Despite the high prices, 44 percent of homes sold this year did so within the first ten days on the market.

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

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This article originally published at https://dc.urbanturf.com/articles/blog/hpw_georgetown_all-cash_and_quick/11508

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