What's Hot: The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn | Do Three Months of Rising Home Sales Mean The Market is Turning a Corner?
The 6 DC Neighborhoods Where Homes Are Selling Fastest
If you want to get a handle on the DC neighborhoods that have the most competitive housing markets, the median days on market is a good metric to start with, as it shows you where homes are selling the fastest.
The regional multiple listing service Bright MLS changed the way that it measures "days on market" about a year ago. In the past, homes were considered under contract when their status was switched to under contract in the listing service, even if there were still contingencies in place. Now, those contingencies need to be satisfied before it is considered under contract.
Today, UrbanTurf parses the median days on market data for advertised subdivisions around the city to see where homes have been selling the quickest in 2019. In order to qualify, a subdivision must have at least 20 home sales this year.
Leading the way this year are two areas, one familiar to this list and one that isn't. American University Park, the upper Northwest neighborhood with a scant supply of homes for sale, is perennially one of the city's fastest moving markets. Dupont Circle, where sales volume is usually so high that a low days on market metric isn't achievable, is seeing homes sell on median in a week.
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The four neighborhoods where homes are selling in just over a week are largely regulars on this list as well, save for Shaw, where homes are moving much quicker than last year. Interestingly, all of the neighborhoods on this list are in NW DC. Every neighborhood also has an average sales-to-original list price ratio in excess of 99.5 percent which means that homes are not only selling fast, but at or above list price.
This article originally published at https://dc.urbanturf.com/articles/blog/the-6-dc-neighborhoods-where-homes-are-selling-fastest/15977.
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