5 DC Neighborhoods Command Premium Above Market Prices
DC area real estate is certainly desirable, but it seems five particular neighborhoods are commanding premium above market prices this year. The majority of the neighborhoods are found in the NW quadrant, and most are also very close to each other.
The neighborhood with the highest average sales price, when compared to original list price for 2020, is American University Park. AU Park easily leads with a ratio of nearly 103-percent.
While the median home sales price in AU Park is about $1.3 million, the year-over-year price change is up about 32-percent. Homes often sell quickly in this neighborhood.
U Street Corridor
The U Street Corridor trails AU Park with an average sales price to original list price ratio of just over 100-percent. This neighborhood has a median home sales price of around $632,000. The year-over-year price change is up about ten percent.
The ratio of average sales price to original list price is similar in Logan Circle. The median home sales price there is about $700,000, which means a year-over-year price change up about 13-percent.
Once known as automobile row, the Logan Circle of today is now full of restaurants, bars and shops. It also offers Victorian-style townhomes that are often in-demand.
Mount Vernon Triangle
With a ratio edging just over 100-percent, is the neighborhood of Mount Vernon Triangle. A large number of condos have sold in the neighborhood this year.
The median home sales price is around $545,000, but the year-over-year price change is down. Mount Vernon Triangle is praised for its prime location, with plenty to see, do and experience.
In fifth place is Capitol Hill. Its ratio of average sales price to original sales price is right at 100-percent. The median home sales price in Capitol Hill is slightly above $800,000. The year-over-year price change is also down in this neighborhood.