After listing a home in Logan Circle, I thought I'd take a closer look at the Northwest neighborhood's real estate market over the years. If you're considering purchasing a new home in Logan, you'll be entering a strong Seller's market, so be sure to work with a knowledgeable agent to save you time, money and stress. If you aren't sure whether now is the time to sell your home, chances are your property has increased in value, which could position you well in the current market.
Median Sale Price
This chart breaks down the median sale price of homes by the number of bedrooms. One bedroom in 2011 went for $320k, but now you can expect to pay closer to $435k. You'll see a similar pattern with two bedroom units, where the median was $589k five years ago and today it's $685k. Three bedrooms units have shown a bit more volatility over the years, but that's largely explained by the limited amount of homes (thus limited sample size) that have sold over the years.
Asking Price vs. Sold Price
This chart shows us that sellers are getting close to what they are asking for, and many buyers are paying above asking price. As a buyer, there are few "steals" to be found in Logan Circle, but be sure to work with an agent who can make sure you don't overpay for a home. As a Seller, the Three Principles of Home Selling still apply...Price the home competitively, make the home easily Accessible to potential buyers, and hire an agent with a proven record of effectively Marketing your home.
Number of Days on the Market
As the old saying goes, "Never tell someone something when you can show them." Well, this chart further supports the strength of the Logan Circle market. Homes are not only selling close to (and above) asking price, but they are also selling in less than two weeks (and oftentimes less than a week). Buyers, do not find the home of your dreams and then hire an agent to write an offer. Instead, work with an agent early in house hunting process, as you'll be better prepared to make an offer on that perfect pad.