[vc_row][vc_column][vc_custom_heading subheading=”July Market Activity”]16th Street Heights | Record-Setting Home Value Activity[/vc_custom_heading][vc_column_text]
In July, the median sold price for detached homes in 16th Street Heights was an eye-opening $1,450,000, compared to the median sold price throughout DC of $997,500. Based on activity in the neighborhood, August numbers are expected to rise further. The July numbers represen an increase of 22.9% over June and an increase of 20.8% from July 2019. Average days on market for homes sold in July was 7 days, a drop of 71% from the 5-year July average of 24 days. There was a 200% month-over-month increase in new contract activity with 3 New Pending s;ales a 66.7% MoM increase in All Pendings (new contracts + contracts carried over from June) to 5; and a 166.7% increase in supply to 8 active properties. Again, the August numbers are likely to show more gains and September activity has been very strong.
July activity resulted in a Contract Ratio is 21% lower than the 5-year July average of 0.79, largely attributable to the Covid-19 pandemic. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.
Attached homes in the neighborhood in July showed more modest numbers, with a median sold price of $849,500, up 25.9% from June, but down 3.4% from the same period in 2019.
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