Two Housing Markets Diverge in Forest Hills

• August 9, 2018

by Nena Perry-Brown

This week's Home Price Watch highlights Forest Hills, a Northwest DC neighborhood off Connecticut Avenue that has seen some of the best price appreciation thus far this year in DC.

Median home prices have risen by 23 percent year-over-year in Forest Hills, rising from $406,000 to $500,000. Sellers have taken notice, with average listing prices rising by 42 percent. In turn, buyers are paying an average of 97.8 percent of list price rather than the 98.5 percent seen last year.

With the supply of homes for sale sitting at two months or less for much of the past year, 16 percent fewer homes have sold in 2018, although listings are selling much faster, spending 39 percent fewer days on the market on average than in 2017. Just under half of the homes sold in Forest Hills did so within ten days of hitting the market. 

The influence of the higher volume condo and co-op market in the neighborhood obscures the higher priced single-family home market, where activity is heating up. Of the 51 homes sold, 34 were condos or co-ops, for which the average sales price fell by 6 percent. The remaining sales -- detached single-family homes with four or more bedrooms — saw average prices jump 21 percent to $1.95 million. 

Housing data for the legal subdivision of Forest Hills was provided by RealEstate Business Intelligence. Forest Hills is situated between Connecticut Avenue Broad Branch Road NW, with 36th Street to the northwest and Quebec Street to the south. 

This article originally published at http://dc.urbanturf.com/articles/blog/two-housing-markets-diverged-in-forest-hills/14292