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Where Are Home Sellers Dropping Their Price?
About out of every five homes to hit the market in DC this year has seen a price reduction, according to data provided to UrbanTurf by Bright MLS. However, in some neighborhoods, the proportion of listings with reductions is much higher.
In more moderately priced areas on the east side of the city, like Deanwood, Fort Dupont Park and Woodridge, about 30% of homes listed in 2023 have dropped their prices, while in higher-priced areas, like Cleveland Park and Georgetown, that number is in the 10%-12% range. In Chevy Chase DC, only 2% of listings have had their price reduced.
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The percentage of listings seeing price drops in neighborhoods around the city is certainly lower than it was last year. For example, there were ten neighborhoods last November where at least 30% of new listings had seen prices reduced. So far this year, only two neighborhoods have seen price reductions in the 30% range.
If you are curious about the percentage of homes that have seen price reductions in your neighborhood, shoot us an email at editor(at)urbanturf.com and we will give you the answer.
See other articles related to: dc housing market, dc housing market trends
This article originally published at https://dc.urbanturf.com/articles/blog/where_are_home_sellers_dropping_their_price/20882.
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