A home in North Cleveland Park.
For this week’s edition of Home Price Watch, UrbanTurf heads to North Cleveland Park, a neighborhood where housing prices have broken the seven-figure mark with a notable increase over the past year, and the competition is as fierce as anywhere in the city.
The median sales price in North Cleveland Park this year rose 14.5 percent, from $886,250 to $1,015,000, compared to the same period in 2015. Similarly, the average listing price is up by 12.43 percent, from $893,662 through August last year to $1,004,753 thus far in 2016.
Despite high prices, the competition in North Cleveland Park has reached a fever pitch with listings selling for an average of 103.2 percent of their asking price in 2016 — nearly two percent higher than during the same period last year.
A few other signs that make North Cleveland Park one of the hottest neighborhood markets in the city:
- The number of units sold in 2016 has risen by 37.5 percent. Nearly three-quarters of those dwellings sold within ten days of being listed.
- The months of housing supply in the neighborhood has fluctuated between 0.33 and 2 months over the past year. There were 0.75 months’ worth of supply this past August as compared to 1.33 in August 2015.
Housing data for the legal subdivision of North Cleveland Park for this article was provided by RealEstate Business Intelligence. The borders for North Cleveland Park are Porter Street to the south, Albemarle to the north, and roughly Wisconsin Avenue and Reno Road to the west and east.
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This article originally published at http://dc.urbanturf.com/articles/blog/hpw_no_cleveland_pk_million_dollars/11725
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