As the end of the year approaches, UrbanTurf is taking a look at the neighborhoods in the DC region where homebuyers likely faced the most competition in 2021.
UrbanTurf uses two metrics to determine the competition level in neighborhoods. First, we look at the year-to-date ratios of average sold price to original listing price for homes. The baseline ratio is 100%, so any average above that is an indication that homes are selling for above the asking price. The second metric we look at is housing inventory, as a low supply of homes breeds more competition.
Two neighborhoods -- one in DC and one in Maryland -- led the way in terms of buyer competition this year. Homes in DC's American University Park and Bethesda's Wood Acres almost always sold at a premium in 2021, and with only a four-week supply of homes for sale, there was very little for buyers to choose from.
Both Takoma Park in Maryland and Takoma in DC made this year's list, as did DC's Lily Ponds neighborhood, which sits east of the Anacostia River between Kenilworth Avenue, Benning Road and East Capitol Street NE. The median home price in these neighborhoods hovered between $450,000-$550,000 in 2021.
Rounding out the list are the three upper NW neighborhoods of Chevy Chase, Colonial Village and Crestwood, which all saw home prices rise by at least 13% in 2021.
Photo courtesy of Daniel Rad.
This article originally published at http://dc.urbanturf.com/articles/blog/the-7-most-competitive-neighborhoods-for-dc-area-homebuyers-in-2021/19025
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