A home under contract in North Cleveland Park
DC is a home seller’s market, at least for the time being, but there were four neighborhoods in the city in 2016 where competition for listings on the market was particularly intense for buyers.
UrbanTurf looked at the original list price to sold price ratio of homes sold in neighborhoods across DC this year. If the ratio were perfect, and homes were selling at their list price, the metric would be 100 percent. In the neighborhoods below, the ratio is greater than 100 percent, meaning that homes are selling regularly selling above list price.
Topping the list is Brentwood, a DC neighborhood sandwiched between Eckington, Ivy City and Langdon. The sales-to-original-list-price ratio in the neighborhood in 2016 came in at 103.5 percent and the median sales price rose 11 percent to $329,000.
Rounding out the top four are the neighborhoods that buyers would expect to be competitive including Shaw, AU Park and North Cleveland Park. Housing supply is likely to blame for the competition in the latter two neighborhoods, where inventories have been hovering around one month or less for the last year.
There were a number of neighborhoods in 2016 where the original list price to sold price ratio hovered right around 100 percent, including Mount Pleasant, Brookland, Woodley Park and Logan Circle.
This article originally published at http://dc.urbanturf.com/articles/blog/the_four_dc_neighborhoods_where_you_paid_above_asking_in_2016/11950
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