One out of every four homes on the market in DC this year has seen a price reduction, according to data provided to UrbanTurf by Bright MLS. And in some neighborhoods, the proportion of listings with reductions is much higher.
In more moderately priced areas, like Southwest Waterfront and Randle Heights, about 40%-45% of homes listed in 2022 have dropped their prices, while in higher-priced areas, like Spring Valley, Kent and Crestwood, that number is in the 10%-15% range
While more homes on the market have seen price reductions in 2022 than in years past, it is important to contextualize those reductions. Bright MLS chief economist Lisa Sturtevant provided some perspective on the reductions in the Mid-Atlantic earlier this month.
"Homes listed for less than a week had an average price drop of 3.7%. When homes were on the market for between 1 week and 1 month, sellers were cutting prices by around 4% to 5%, on average. Among properties on the market for more than a month, the average price drop was 7.7%."
This article originally published at https://dc.urbanturf.com/articles/blog/where_are_home_sellers_dropping_their_prices_in_dc/20265.
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