Six DC Zip Codes Where You Are Paying Above Asking

• November 7, 2013

by Shilpi Paul

A Mount Pleasant home that sold for $150,000 above asking.

Lately, UrbanTurf has been wondering if the frenzied, competitive climate of the DC area housing market has been softening a bit. Consumers tell us that bidding wars have slowed, and as we’ve tracked properties for our Above Asking feature, we’ve noticed that fewer homes are selling for north of their list price versus a few months ago.

RealEstate Business Intelligence (RBI) recently provided us with the zip codes in the city where homes are selling for above their list price and, at least in those areas, it appears that the market is still rocking along.

For the six DC zip codes below, homes on the market have, on average, been selling at or above their original price, for all of 2013. The second-to-last column in the chart reveals the sale price to original list price ratio; anything over 100 percent means that sales prices were trending higher than asking prices.

Note: Only a sampling of neighborhoods are included for each zip code.

The neighborhoods encompassed in the above zip codes include many of the usual suspects, like Capitol Hill, Logan Circle, H Street, Adams Morgan, Shaw and the increasingly popular Brookland. At the top of the list, however, was 20010, which spans an area from Mount Pleasant through Columbia Heights to Petworth. As we reported in July, Mount Pleasant rowhouses developed a reputation this year for frequently selling for six figures above their original asking prices.

The chart above reveals a few other interesting tidbits:

• All six zips showed year-over-year price increases, but in 20010 and 20002, prices rose dramatically — 17.6 percent and 17.1 percent, respectively.
• In the zip codes that include Capitol Hill, Brookland and Dupont Circle, the number of homes sold in 2013 increased at lease 20 percent versus last year. In 20017, the increase was closer to 30 percent.
• The highest median days on market statistic was a mere ten days, but in most cases, homes in the listed zip codes were moving in just over a week.

This article originally published at http://dc.urbanturf.com/articles/blog/six_dc_zip_codes_where_homes_are_selling_above_asking/7795