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Demand is Steady in Spring Valley Despite Having DC’s Highest Home Prices

by Nena Perry-Brown

Demand is Steady in Spring Valley Despite Having DC's Highest Home Prices: Figure 1
A home that sold in Spring Valley last year.

For the final edition of Home Price Watch in 2016, UrbanTurf is taking a look at the market in Spring Valley, a wedge-shaped suburban enclave adjacent to American University Park.

The biggest takeaway from the Spring Valley market this year is the trajectory of home prices. Median sales prices rose 14 percent to $1.6 million, making the neighborhood the second most expensive housing market in DC. List prices followed suit, rising $300,000 to $1.9 million.

Rising prices may have dampened demand a bit, as sales volume dropped 19 percent compared to 2015. Inventory in the neighborhood has trended higher this year than last, with five months’ worth of supply on the market in October 2016 compared to 3.67 months last October.

Demand is Steady in Spring Valley Despite Having DC's Highest Home Prices: Figure 2
Click to enlarge.

Despite the fact that the inventory of homes on the market in Spring Valley largely consists of detached houses with four or more bedrooms, approximately 50 percent of homes sold this year within ten days of being listed.

Housing data for the legal subdivision of Spring Valley for this article was provided by RealEstate Business Intelligence. Spring Valley is bound by Massachusetts and Nebraska Avenues to the north and east, Loughboro Road to the south and Dalecarlia Parkway to the west.

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This article originally published at http://dc.urbanturf.com/articles/blog/hpw_prices_higher_in_spg_valley/11948

1 Comment

  1. Joseph Seriki said at 12:07 pm on Wednesday December 7, 2016:
    This doesn't surprise me. I think Spring Valley will still grow. With people resisting the suburbs consumers become hard pressed to find spacious homes and lot space inside nice DC neighborhoods. This area is prime for SFH development- Family residential living breeds dual income consumers who won't spare any cost to house their families safely and comfortably in the District.

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