The Seven DC Neighborhoods Where You’re Paying Above Asking

• June 3, 2015

by Lark Turner

A home in LeDroit Park that sold in April for about $50,000 over asking.

It’s a seller’s market in DC, and there are seven neighborhoods where competition is likely to be particularly intense for home buyers.

UrbanTurf recently looked at the original list price to sold price ratio of homes sold in legal subdivisions across DC. If the ratio were perfect, and homes were selling at their list price, the metric would be 100 percent. In the neighborhoods below, the ratio is greater than 100 percent, meaning that homes are selling regularly selling above list price.

Topping the list is LeDroit Park, where homes are selling for a median of $710,000, up about $100,000 from last year’s median price. The sales-to-original-list-price ratio in the neighborhood sits north of 103 percent.

Other neighborhoods where competition is high include Eckington, Shepherd Park and Kalorama. Prices jumped the most in Eckington, rising by $150,000 over last year. Prices also rose significantly in Congress Heights and in Shepherd Park, which we include on the list despite the small number of sales in the neighborhood. (Shepherd Park is a fairly small neighborhood to begin with.)

UrbanTurf also noted that homes in Mount Pleasant, a notoriously competitive market for homebuyers in recent years, had seen an unusual median price drop. We found that the price drop was driven by sales of condos and co-ops, where prices have dropped about 27 percent on average this year. This is likely due to an increase of smaller and designated affordable condos and co-ops that sold in 2015.

This article originally published at http://dc.urbanturf.com/articles/blog/seven_dc_neighborhoods_where_youre_paying_above_asking/9954