Where Are Home Sellers Dropping Their Prices in DC?
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
story continues below
loading...story continues above
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%."
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_prices_in_dc/20265.
Most Popular... This Week • Last 30 Days • Ever
If there was ever a place where the old adage “one man’s trash is another man’s... read »
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
The median price of a home in the region in April rose to $640,000, well above the pr... read »
This week's Best New Listings includes a four-bedroom home in Hyattsville, a chic Dup... read »
The question of too many schools; the dog-friendly rental cities; and the changes afo... read »
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- DC-Area Home Prices Shatter Record in April
- Best New Listings: 140 Years in Hyattsville, 100 Years in Bethesda
- Friday's Must Reads
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro