Today, UrbanTurf takes a look at the DC neighborhoods where home prices have dropped the most this year and they are largely concentrated in the Northwest quadrant.
Below we dive a little deeper into the price drops as there are usually caveats when valuations fall this sharply. The table below highlights the five DC neighborhoods where prices have dropped the most over the course of the year. Data was culled using advertised subdivisions from Bright MLS.
The housing market in Forest Hills has seen prices depreciate by the widest margin citywide, falling nearly 31 percent year-over-year. This drop is a bit misleading, however, as it can largely be attributable to prices for condos and co-ops falling by 14 percent. Average prices for detached homes, a property type that makes up a large swath of the neighborhood, dropped by about one percent year-over-year.
The same scenario played out in Glover Park where prices have fallen by 28 percent. Prices for condos, which represent the majority of sales this year, fell by 12 percent. Average prices for homes with three and four or more bedrooms rose 6.5 and 4 percent, respectively.
In Burleith, price drops were largely the result of a 26 percent drop in prices for three-bedroom rowhouses. All other property types saw prices remain flat.
While tracking price depreciation can be a helpful exercise in finding out where homebuyers might be able to expect a deal, it is important to remember that a variety of factors come into play when analyzing the trajectory of home prices.
Thumbnail image courtesy of Ted Eytan.
This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-neighborhoods-where-home-prices-have-dropped-the-most-in-2019/15698.
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