UrbanTurf is taking a final look at the neighborhoods around the city where homebuyers faced the most competition in 2023.
We used our regular metrics to determine the competition level around DC. First, is the year-to-date ratios of average sales price to original list price for advertised subdivisions in the city. The baseline ratio is 100 percent, so any average north of 100 is an indication that homes are selling for above list price.
And the second metric we examined was housing inventory. Neighborhoods with a high sales price to list price ratio combined with a low inventory of homes for sale are usually competitive.
A handful of neighborhoods in NW DC have constantly been the areas where homebuyers have faced the most competition this year.
North Cleveland Park and American University Park, with median prices of $1.4 million and only a handful of active listings on the market, are the two most competitive markets. Chevy Chase DC comes just behind these two areas, with a slightly lower median price and average list to sale price ratio.
While most neighborhoods on the list are areas primarily with larger detached homes for sale, Mount Pleasant and Logan Circle buck that trend. The competition level for rowhouses and condos in these areas was higher than most other neighborhoods around the city in 2023.
See other articles related to: most competitive housing markets in dc
This article originally published at https://dc.urbanturf.com/articles/blog/the_most_competitive_dc_markets_in_2023/21767.
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