With ever-increasing home prices and a barely budging supply of homes for sale, even prices in DC's least expensive neighborhoods are trending decidedly upward. Today, UrbanTurf takes a look at the five neighborhoods that are DC's least expensive for homebuyers this year.
To determine the most affordable submarkets, we looked at the advertised subdivisions in DC with the lowest median home prices and at least 20 home sales this year.
The two least expensive submarkets in the city are Foggy Bottom and the Southwest Waterfront, where housing units have sold for a median price of $350,000 thus far in 2021. However, the vast majority of homes sold in these areas are condos and co-ops. Nearly eight in 10 of the units sold in Foggy Bottom fell into this property type. In the Southwest Waterfront, almost 97% of the units sold this year have been condos or co-ops.
The only other neighborhood where homes have sold for a median under $400,000 is Congress Heights, where condos/co-ops only represent three in 10 units sold. The median sales price in nearby Randle Heights is $415,000, which has a similarly low share of condo/co-op units and a near-100% ratio of average sold price to original listing price.
The only neighborhood in the top five where a buyer is practically guaranteed to be able to afford a house is Deanwood, where the median price is $425,000 and only 2% of units sold were condos.
This article originally published at https://dc.urbanturf.com/articles/blog/the-five-least-expensive-dc-housing-submarkets/18320.
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