The average sale price in the Washington, D.C. region is up 1.2% from this time a year ago, according to David Howell, executive vice president and chief information officer at McEnearney Associates. But individual neighborhoods are seeing distinct shifts in their sale prices and days on the market, depending on their proximity to the city.
So far this year, almost half of homes listed in Chevy Chase, a neighborhood close to D.C., have gone under contract in a week or less, and one third of their buyers have paid above the listing price. But in Great Falls and Potomac, which are father away, only one-twentieth of homes sell above list price, and one-fourth sell in their first week. Overall, Chevy Chase has seen a 13.3% gain in average sales price this year to date, while Great Falls and Potomac have seen -5.8 percent and -2.2% losses.
Howell attributes the shift to consumer demand for walkable communities and public transit access, consistent with trends in other parts of the national market.