A home that sold in North Cleveland Park this year.
While DC’s housing market became less of a seller’s market in 2017, with inventory steadily increasing and prices leveling off, homes still aren’t spending very much time on the market in certain areas and competition is still fierce.
In a balanced market, home buyers would be able to purchase homes at or slightly below 100 percent of the property’s asking price. In competitive sub-markets, buyers often either engage in bidding wars or feel obligated to offer above list price in order to close the deal. Here are the eight neighborhoods in the District where a high level of competition meant that you likely paid above asking price in 2017.
As the table above shows, North Cleveland Park is by far the most competitive neighborhood, with buyers paying, on average, 4 percent above listing price. Unsurprisingly, the median price in the neighborhood also increased by nearly 14.5 percent over the past year, the second-highest price jump among the eight neighborhoods highlighted.
The small Northeast DC neighborhood of Lily Ponds is a surprising entrant at second place considering how affordable the neighborhood is, with a median price of $276,800 that has increased only 4.45 percent since 2016. Buyers have also been taking notice of Glover Park’s reasonably-priced condominium units, as those represented over two-thirds of the homes sold in the neighborhood this year where buyers paid 100.73 percent of list price.
Burleith has the fourth-highest sales price to original listing price ratio, yet is also the only neighborhood highlighted that saw the median prices drop over the past year.
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/the_8_dc_neighborhoods_where_you_paid_above_asking_in_2017/13371.
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