There are many metrics that indicate the competition level in a housing market, including how many days listings spend on the market. In DC this year, homes were selling faster than ever -- through October, homes in every local jurisdiction were going under contract significantly faster than last year.
As the year winds down, UrbanTurf is taking a final look at the DC submarkets where homes sold the quickest this year.
Using the median days on market metric for the city’s advertised subdivisions, we highlighted the five neighborhoods where homes are selling the fastest.
Leading the way in 2020 is Takoma, where homes are selling on median in just five days, a 60% drop compared to 2019. Following Takoma are four neighborhoods where homes went under contract in a median of 6 days — meaning that half of listings sold in less than that time. Those neighborhoods -- AU Park, Crestwood, Mount Pleasant and N. Cleveland Park -- are all located in NW DC.
There were nine other neighborhoods with listings selling in a median of 7 days, illustrating the overall competitive nature of home sales throughout the city. Those neighborhoods include: Capitol Hill, Chevy Chase, Colonial Village, LeDroit Park, Mount Vernon Square, Shepherd Park, Spring Valley, Wakefield and Woodley Park.
The statistics used for this article are courtesy of ShowingTime RBI based on listing activity from MRIS.
- DC's Above Asking Neighborhoods in 2020: Pricey, Supply-Starved and in One Section of DC
- The 7 DC Neighborhoods With the Highest Home Price Appreciation in 2020
See other articles related to: days on market
This article originally published at https://dc.urbanturf.com/articles/blog/the-5-dc-neighborhoods-where-homes-sold-fastest-in-2020/17647.
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