In addition to contract ratio, the median days on market metric helps provide a sense of not only where homes are selling the fastest, but also a city’s most competitive housing markets.
Today, UrbanTurf parses the median days on market data for advertised subdivisions around DC to see where homes have been selling the quickest in 2020. And in the current high demand market, homes are selling in a week or less in ten neighborhoods across the city.
Leading the way so far this year are two neighborhoods with “Park” in their name. American University Park, the upper Northwest neighborhood with a scant supply of homes for sale, is perennially one of the city’s fastest moving markets. That is the case again in 2020. And despite home prices shooting up year-over-year by almost 30 percent, homes are also selling in just four days in Shepherd Park.
There are eight more neighborhoods in the city, ranging from Chevy Chase to Barry Farm, where homes are selling in a week or less. Every neighborhood also has an average sales-to-original list price ratio in excess of 99.5 percent which means that homes are not only selling fast, but at or above list price.