We don’t discuss it much, but the District’s real estate market is really quite different from the rest of the country’s. When I travel, I notice Realtors’ ads boasting that they have sold a home in a sought-after neighborhood in “just 45 days!” That’s not the case in D.C. Now, don’t get me wrong, homes listed in some parts of the city will certainly take longer to go under contract than others. Here are the six neighborhoods where homes sold the quickest in 2017:
DOM stands for Days on Market. That means that these properties are going under contract in about a week from the day that they were listed on the Multiple Listing Service. After that, it typically takes about 30 days for a home purchased with a mortgage to close, but cash deals can move even more quickly.
The single most important factor when in comes to a quick sale is price. While your Realtor is there to show you the recent selling prices of comparable properties and give you advice based on experience, the listing price of your home is ultimately up to you. If your property has been on the market for longer than you had hoped, ask your Realtor if it might be time to make a price adjustment.
If DC’s crazy market has you interested in selling, drop me a line. I would be happy to talk to you about your specific neighborhood and how much your home may be worth!