Today's Home Price Watch focuses on the Northeast neighborhood of Brentwood, which rebounded from having paltry inventory earlier this year to seeing skyrocketing home prices and sales volume.
The relative affordability of Brentwood seems to have attracted more attention in 2018, as 40 percent more dwellings (35) have sold compared to the same period in 2017. This uptick in activity comes as more homes are hitting the market: there has been more than a two-month supply of homes on the market since April.
Sales volume doesn't seem to have been dampened by rising prices. Median sales prices have increased by just over 40 percent year-over-year, rising from $325,000 to $456,000. The average home is also selling closer to listing price, at 98.8 percent of listing price this year compared to 95.6 percent of listing price in 2017. Despite a whopping 75 percent jump in prices, condo sales are leading the way in Brentwood this year, accounting for eighteen of the 34 dwellings that have sold.
Housing data for the legal subdivision of Brentwood for this article was provided by RealEstate Business Intelligence. The Brentwood neighborhood lies between Rhode Island and New York Avenues NE, west of Montana Avenue and east of the railroad tracks.
This article originally published at https://dc.urbanturf.com/articles/blog/the-40-percent-jump-in-brentwood/14341.
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