The 6 DC Neighborhoods Where You Paid Above Asking in 2018
The housing market in the District has been a mixed bag this year, with slight increases in inventory being offset by generally healthy demand and steady price growth.
In a balanced market, prospective homebuyers should be able to purchase a home at or slightly below its listing price. In competitive markets, however, those would-be buyers will likely have to engage in bidding wars or make offers above a home's asking price in order to close the deal.
2018 may be remembered as the year that high competition in some of the pricier and more popular DC neighborhoods resulted in buyers searching elsewhere in the city. Here are the six DC neighborhoods where stiff competition meant you probably paid above asking price in 2018.
Barry Farms is a notable and strong leader of the competitive pack, with the average sales price to listing price ratio increasing a full 10 percent year-over-year to top the list at 102 percent. Even more impressively, the median price in the neighborhood increased by nearly 42 percent, although the neighborhood still maintains its relative affordability.
story continues belowloading...
story continues above
Randle Heights comes in second, with the average listing selling for 101.5 percent of asking price. However, the median price here dropped by almost 8 percent, and the neighborhood wasn't alone in this metric dropping. In both the U Street Corridor and Fort Lincoln, where the average listing in each is selling for roughly 101 percent of asking price, prices went down by a respective 1.62 and 0.85 percent.
The Shepherd Park and Takoma neighborhoods, which share a border, each drew increased attention from buyers such that prices went up by a solid 3.2 and 2 percent, respectively; homes in each also sold for an average of about 101 percent of asking price.
Data for this article was sourced from Bright MLS based on year-to-date figures for legal subdivisions with at least 20 home sales through October 2018, unless otherwise indicated.
See other articles related to: above asking
This article originally published at https://dc.urbanturf.com/articles/blog/the-6-dc-neighborhoods-where-you-paid-above-asking-in-2018/14776.
Most Popular... This Week • Last 30 Days • Ever
Ten years later, plans to construct nearly 150 townhomes at DC's most hotly debated d... read »
LEGO lovers will likely be first in line for the National Building Museum's latest ex... read »
Last year, Shiloh Baptist Church selected Monarch Urban to redevelop 1515 9th Street ... read »
JBG Smith has plans for a seven-story project along Crystal Drive.... read »
The "trailer park" where homes sell for millions; a renters utopia; and ideas for whe... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
The residential projects that have sprouted up on the Maryland and DC sides of the Fr... read »
With a groundbreaking ceremony on Wednesday, the redevelopment of the Georgetown Wes... read »
The 23,600 square-foot mansion just hit the market, and would set a record if it fetc... read »
The immaculately kept 100-year-old house features six bedrooms and four-and-a-half ba... 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 »
- Reservoir District: 146 Townhomes Planned at McMillan Site Look For Final Design Approval
- BRICK CITY: DC's New LEGO Exhibit Brings in Architecture From Around the World
- HPO Recommends Approval For 45-Unit Condo Development Pitched For Former Church Site in Shaw
- And Another One: Block-Long, 370-Unit Development Pitched For Crystal City
- Wednesday's Must Reads
- First-Timer Primer: Virginia's Home Buyer Assistance Programs
- Mall Conversions, Trader Joes? The 1,500 Units in the Friendship Heights Pipeline
- The Four Seasons Private Residences in Georgetown Break Ground
- DC's Blaine Mansion Lists For $30 Million, A Potentially Record-Setting Price in the City
- Now Selling: A 16th Street Heights Victorian on an Island of Its Own
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