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 https://dc.urbanturf.com/articles/blog/seven_dc_neighborhoods_where_youre_paying_above_asking/9954.
Most Popular... This Week • Last 30 Days • Ever
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
In this edition of First Timer Primer, we take a closer look at what you are actually... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro