Is Michigan Park / University Heights, DC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Michigan Park / University Heights was a Neutral Market.
Key Takeaway
Michigan Park / University Heights is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Michigan Park / University Heights, DC
How much do homes in Michigan Park / University Heights, DC cost?
Median Sold Price
$604,000
$403/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Michigan Park / University Heights have sold for 3% less than they did a year ago.
Summary: The median home sold price in Michigan Park / University Heights was $604,000 in March 2024, down 3% from last year, and the median price per square foot was $403.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $239K | $251.5K | +5.2% |
| 2 Bedrooms | $452.5K | $465K | +2.8% |
| 3 Bedrooms | $620K | $640K | +3.2% |
| 4 Bedrooms | $798K | $719.5K | -9.8% |
| 5+ Bedrooms | $767.1K | $965K | +25.8% |
Summary: Michigan Park / University Heights housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.2%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 3.2%, 4 bedroom homes decreased by 9.8%, and 5+ bedroom homes increased by 25.8%.
Median Sold Price Compared To Nearby Neighborhoods
| North Michigan Park | $564K | $686.7K | +21.8% |
| Michigan Park / University Heights | $622.5K | $604K | -3.0% |
| University Heights | $737.5K | $505K | -31.5% |
Housing Supply in Michigan Park / University Heights, DC
How many homes are available in Michigan Park / University Heights, DC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 129 | 131 | +1.6% |
Summary: The Michigan Park / University Heights real estate market had 131 homes for sale in March 2024, a 1.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 10 | -9.1% |
| 2 Bedrooms | 22 | 26 | +18.2% |
| 3 Bedrooms | 54 | 55 | +1.9% |
| 4 Bedrooms | 37 | 34 | -8.1% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Michigan Park / University Heights housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 9.1%, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 1.9%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 8 | 0.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Michigan Park / University Heights, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Michigan Park / University Heights in March 2024, the same as the previous month. Of the 8 sold homes, 63% were sold under asking, 13% were sold at asking, and 25% were sold over asking.
Days on Market for Michigan Park / University Heights, DC
How long does it take to sell a home in Michigan Park / University Heights, DC?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 27 Days | 35 Days | +27.0% |
Summary: Homes in Michigan Park / University Heights had an average of 35 days on market in Mar 2024, up by 27% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Michigan Park / University Heights are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 8 homes were sold in Michigan Park / University Heights; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
