UrbanTurf is taking a look at the neighborhood housing markets around the DC region. Today, we head over to North Cleveland Park.
This small northwest neighborhood has been one of DC's most active and competitive housing markets for several years. Home prices shot up in 2020 and sales fell, but the drop off was likely due to a very low supply of homes for sale rather than rising prices.
Perhaps the most important metric that illustrates what is going on in the neighborhood is contract ratio, the total number of homes under contract in a given period compared to the overall number of active listings. For the third quarter, the contract ratio in North Cleveland Park was well above 2.0, one of the highest ratios in the city.
Below, UrbanTurf plucked out a few more statistics about the neighborhood market.
- $1.332 million -- The median sales price of a home in North Cleveland Park in 2020, up 22 percent compared to last year.
- 101% --The average sales price to original list price ratio for homes in the neighborhood.
- 55 percent -- The percentage of homes that sold within the first ten days of being listed.
- 15 days -- The supply of homes for sale in October.
- 2.5 --The contract ratio in the third quarter of 2020.
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This article originally published at http://dc.urbanturf.com/articles/blog/north-cleveland-park-dcs-million-dollar-multiple-offer-neighborhood/17539
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