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.
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.
- 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 https://dc.urbanturf.com/articles/blog/hpw_georgetown_all-cash_and_quick/11508.
Most Popular... This Week • Last 30 Days • Ever
The Washington Nationals great didn't move out of the area, though.... read »
The large new residential building is just the latest development pitched near the ba... read »
UrbanTurf put together a quick primer on the ins and outs of a home auction.... read »
As the Capitol Riverfront neighborhood nears its development capacity, a new effort p... read »
Foulger Pratt has plans to turn the 12-story office building at 1133 19th Street NW i... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
This Week's Find is one of the more interesting homes in DC's Foxhall neighborhood. ... read »
The mall will be reimagined as a 7-story, 325-unit apartment project with 25,000 squa... read »
While DC's rising home prices have been the story for years, there are some areas of ... read »
Approximately 25% of listings on the market in the city have experienced a price redu... 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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro