The broken record refrain about neighborhood housing markets in the DC area right now is that the competition has never been higher due to buyer demand and low supply. In DC's Logan Circle, the competition isn’t quite as fierce, though.
“There’s standard competition in Logan Circle’s market -- not burning, on fire competition, like Woodley Park, for example,” Andrew Riguzzi, an agent with Compass’ District Property Group, said. “In Logan Circle, buyers might be making more compromises -- the homes aren’t as big and there aren’t many yards or as much green space. But it’s a great downtown area with bars, restaurants and diversity, offers a close commute for work, and you can enroll your kids in public schools.”
Still, buyers in Logan share the same frustrations being felt around the city – there aren’t a lot of homes for buyers to choose from and the competition for those homes, while not crazy, is pretty high.
“Buyers in Logan Circle have very little time to make a decision,” Jeremy Aldridge, an agent that does work in Logan Circle, told UrbanTurf. “[They] need clear preparation so when they do find that special home, they are ready.”
Logan Circle’s market seems to be “catching people at the beginning or end of a buying cycle,” Riguzzi said. The buyer groups usually fall into one of two categories -- 1) young people who are first-time homebuyers who want to buy in a destination neighborhood and 2) older buyers who are about to retire or retired already, and are looking for what those young buyers are looking for -- walkability to restaurants, bars and theaters, and the ability to take public transit instead of drive everywhere. They want to live close to everything, and they also have fewer requirements about their next prospective home.
“Buyers 65 and older can buy in all cash,” he said. “Not to be morbid, but one buyer told me he wasn’t picky because he’d probably die in this home. They aren’t concerned with a home’s resale value, necessarily.”
Here are stats we found most interesting:
- $21,909,795-- The total sales volume for March 2021, up 50% from February and 76.7% year-over-year.
- 66%-- The percentage increase in home sales in the first quarter of 2021 compared to 2020.
- 30% -- The percentage of homes that sold in ten days or less so far in 2021.
- $789,000 -- The median sale price in March, compared to the five-year average median sale price of $767,690
- Georgetown: The Competition is Back
- Chevy Chase: The Seller's Market
- Mount Pleasant: No Longer Undervalued
- Del Ray: 5 Days or Less
This article originally published at http://dc.urbanturf.com/articles/blog/logan-circle-standard-competition/18245
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