UrbanTurf is taking its annual look at the neighborhood housing markets around the DC region. Today, we head over to Petworth.
For years, neighborhoods east of the Anacostia River and the zip code that encompasses most of Petworth have been prime locations for flipping homes and in 2020, that remains the case. Twelve percent of the homes sold in the Petworth zip code in the first quarter of the year were flips. However, home sales are down this year likely due to a much lower supply of homes for sale than 2019. That hasn't deterred buyers, though: the contract ratio in Petworth has been above 1.0 for the last three months.
Below UrbanTurf plucked out several other interesting stats about the Petworth market.
- $675,000 -- The median home price in Petworth, up 5% compared to last year.
- 268 -- The number of homes sold in the neighborhood this year, down 13% compared to last year.
- 1.33 -- The contract ratio in August (the total number of homes under contract in a given period to the overall number of active listings), up 111% compared to last August.
- 1.36 -- The supply of homes on the market in August, down 32% year-over-year.
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This article originally published at http://dc.urbanturf.com/articles/blog/the-land-of-flips-the-petworth-housing-market-by-the-numbers/17351
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