These Are the D.C. Neighborhoods Where Houses Sold Above Asking Price in 2017
Many D.C. homes are not spending much time on the market, and according to data from UrbanTurf, they’re selling above list price as well. Eight neighborhoods in D.C. saw buyers paying above the list price in 2017.
Up first is North Cleveland Park where the ratio of sales price to original list price is 104.28 percent, UrbanTurf reported. This neighborhood also was one of the neighborhoods where homes sold fastest in D.C., with a median of six days on the market.
Lily Ponds saw a ratio of sales to original listing price of 101.4 percent, with the median sold price at $276,800. Following Lily Ponds was American University Park, Burleith, Glover Park, Chevy Chase, Mount Pleasant, and Brookland. According to UrbanTurf, all six neighborhoods sold houses just slightly above asking price, with the sales to original listing price ratio ranging from 100.36 percent to 100.99 percent.
This data shows how D.C.’s market is still remaining competitive.
“In a balanced market, home buyers would be able to purchase homes at or slightly below 100 percent of the property’s asking price,” UrbanTurf explained. “In competitive sub-markets, buyers often either engage in bidding wars or feel obligated to offer above list price in order to close the deal.”
This competitive market can also be seen in the year-over-year price changes UrbanTurf reported. All eight neighborhoods in question saw an increase in the year-over-year price, excepting Burleith which saw a modest 2.26 percent drop. The increases ranged from a mere 0.47 percent in Chevy Chase to a whopping 24.24 percent in Glover Park.