Has Dupont Circle gotten to big for its britches? According to a recent report, this long popular neighborhood lies in a zip code among the lowest priced in DC, yet this year we’re seeing a drop in sales. What gives, Dupont?
There are a couple of reasons for these seemingly incongruous things to be happening at the same time. First, the ranking of Dupont Circle as one of the lowest priced areas was mostly due to the large number of small condos sold in the neighborhood and the fact that this particular metric was looking at median sales price. While an interesting statistic to evaluate, it mostly left out the higher end of the market which is currently seeing some big changes.
*Courtesy of Urban Turf
The drop in sales can likely be attributed to the steep increase in average listing price over last year. Specifically, sales have fallen 31 percent, while we have seen listing prices go up 23 percent to $703,837. Clearly, Dupont sellers are expecting more for their properties than the market can bear.
An imbalance in the marketplace like we’re seeing in Dupont Circle is one of the most important reasons to make sure you are well-represented when you decide to sell. Not only do you want to take a look at recent sales in your neighborhood, but also how long these homes are spending on the market and what percentage of the asking price they end up getting. I am always happy to do a Comparative Market Analysis of your home to give you an idea of what it might sell for in today’s marketplace!