Earlier this year, UrbanTurf took a look at the DC neighborhoods where home prices had appreciated the most in 2018. Today, we examine the areas where prices have gone down.
The table below highlights the five DC neighborhoods where prices have dropped the most over the course of the year. Data was culled using legal subdivisions from Bright MLS.
The housing market in Spring Valley has seen prices depreciate by the widest margin citywide, falling nearly 21 percent year-over-year. This drop is a little deceiving, however, as it can largely be attributable to prices for detached three-bedroom homes, a smaller sector of the neighborhood inventory, falling by 36 percent. Average prices for detached homes with four or more bedrooms, a much more prevalent property size, essentially remained the same year over year.
In Crestwood, prices have gone down by almost 14 percent, dropping across all property types. For North Cleveland Park, the average price for attached listings decreased by 36 percent — but for detached homes with four or more bedrooms, prices have dropped by nearly 42 percent.
In Berkley, a Northwest DC neighborhood dominated by detached homes with four or more bedrooms, has seen prices drop by 9.42 percent. Prices for condos actually rose in LeDroit Park; the drop in prices seen in this neighborhood is exclusive to rowhouses, for which prices went down by 27.3 percent for two-bedrooms, 6.7 percent for three-bedrooms, and by 10.5 percent for four-bedrooms.
Fewer homes sold this year than last in all of the above neighborhoods, perhaps an indication that buyers are broadening their location parameters rather than opting to compete in high-demand areas. Spring Valley and Berkley were the only neighborhoods in the top five where the average sales price to listing price ratio went up by at least a full percentage point.
These five neighborhoods have previously been some of the city's most competitive and high-priced, corroborating Zillow's recent study showing prices going down this year in more expensive neighborhoods across the country. Data from that study shows that prices were cut on 16 percent of high-priced listings in the DC area this year.
This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-neighborhoods-where-prices-have-dropped-the-most/14329.
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