UrbanTurf continues its annual look at the neighborhood markets around the DC region. Today, we head over to Kensington, which may be the most competitive place to buy a home in Montgomery County.
Nearly 125 homes have sold so far in the area north of Chevy Chase this year, and two statistics point to the brisk pace of these transactions. On median, homes are selling in just a week in Kensington, an impressive pace given the volume of transactions. Those homes are usually selling for above their asking price, as indicated by a sales price to original list price ratio well above 100%. Coupled with the competition, home prices are up 14% and in July, there was just a three-week supply of homes for sale.
Below are some statistics that UrbanTurf compiled about the Kensington market.
- $797,500 -- The median home price in Kensington, up 14% compared to last year.
- 134 -- The number of homes sold so far in 2023, a 25% drop compared to 2022.
- 103% -- The average sales price to list price ratio, the highest in the county.
- 6 -- The median number of days that homes are spending on the market.
- 3 -- The weeks of available supply of homes for sale.
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- Sales Down, Prices Flat: The Capitol Hill Housing Market, By the Numbers
This article originally published at https://dc.urbanturf.com/articles/blog/the_most_competitive_market_in_montgomery_county/21375.
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