***Published April 6, 2017 by CurbedDC
A good metric for determining the most competitive housing markets in DC is median days on market as it illustrates where homes are selling the fastest.
Looking at data from legal subdivisions around the city, UrbanTurf used the metric for median days on market so far in 2017 to see which neighborhoods are moving the fastest.
Here are the six neighborhoods where homes are selling in nine days or less:
The neighborhoods where homes are selling the fastest in DC are areas that have been competitive for a long time, such as AU Park, North Cleveland Park and Mount Pleasant. They are all also located in Northwest. As the table outlines, the markets in these neighborhoods in the first quarter of 2017 are moving at a more brisk pace than last year, likely due to the fact that snow didn’t affect the market this year as much as last.
The fastest moving markets in DC are also some of the most competitive. In AU Park and Cleveland Park, the average sales price to original list price ratio is above 104% for 2017, a sign that homes in these areas are not only selling quickly, but also for above list price.
The statistics used for this article are courtesy of ShowingTime RBI based on listing activity from MRIS.