Home | Newsletter | Advertise
loading...

The Five DC Neighborhoods Where Cash is King

  • November 17th 2016

by UrbanTurf Staff

The Five DC Neighborhoods Where Cash is King: Figure 1
A home for sale in Georgetown.

On the heels of buyers and their surrogates camping out for the release of high-priced new condos in West End, UrbanTurf decided to take a closer look at the DC neighborhoods with the highest prevalence of cash buyers in 2016.

The appeal of a cash buyer to a home seller was outlined in a New York Times article earlier this year. “There is no lender red tape to slow down the process, like appraisal requirements and concerns about whether those appraisals will come in high enough and whether buyers can borrow as much as they need,” the article stated.

The Five DC Neighborhoods Where Cash is King: Figure 2

The top five cash-buyer neighborhoods in DC are largely those that one might expect. Foggy Bottom, Observatory Circle and Georgetown are at the top where cash sales accounted for over 40 percent of the total sales volume this year. Rounding out the top five are Congress Heights and Wesley Heights with cash sales at 35 percent of total volume.

As is typically the case, the high volume of cash transactions are seen in expensive neighborhoods where buyers do not require conventional financing, and neighborhoods that are in the crosshairs of investors who are swooping in and paying cash for inexpensive homes.

MRIS provided the information in this article.

Photo courtesy of HomeVisit

This article originally published at https://dc.urbanturf.com/articles/blog/the_five_dc_neighborhoods_where_cash_is_king/11892.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse