The 6 Most Competitive Neighborhoods For Homebuyers in DC
Despite the cooling market, there are still plenty of DC neighborhoods where the buyer competition has been fierce this year.
Today, UrbanTurf is taking its semi-annual look at the neighborhoods around the city where homebuyers are likely to face the most competition in 2022.
UrbanTurf used a couple metrics to determine the competition level around DC. First, we used the year-to-date ratios of average sales price to original list price for advertised subdivisions in the city. The baseline ratio is 100 percent, so any average north of 100 is an indication that homes are selling for above list price.
And the second metric we examined was housing inventory. Neighborhoods with a high sales price to list price ratio combined with a low inventory of homes for sale are usually competitive.
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For the last year or so, the most competitive neighborhoods for buyers have also been some of the city's most expensive. That remains the case so far in 2022, as the median price of the 6 most competitive areas is at least $1.5 million.
Colonial Village, a neighborhood on the top of the DC diamond, and the upper NW neighborhoods of American University Park and North Cleveland Park lead the way for competition in 2022, thanks to average sales price to original list price ratios of 107%-108%. Chevy Chase DC follows behind with a supply of homes for sale below one month.
Despite median home prices in the $2 million range, Spring Valley and Kent made the list due to a low supply of homes for sale that is pushing competition along with some of the highest sales-to-list price ratios in the city.
For more on the current climate of the DC-area housing market, check out UrbanTurf's recent coverage below:
See other articles related to: dc housing market, most competitive housing markets in dc
This article originally published at https://dc.urbanturf.com/articles/blog/the-6-most-competitive-neighborhoods-for-homebuyers-in-dc/20035.
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