16th Street Heights | Record-Setting Home Value Activity
July Market Activity
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.
16th Street Heights has seen significant price increases this year
July's record-setting sales prices are sure to be topped by August and September numbers, based on recent bidding war activity on detached and attached homes in 16th Street Heights.
How did your neighborhood and home type fare?