Woodridge is 'the' neigborhood in NE Washington, DC for all those buyers still trying to get into the market while their budgets allow. This gem of a neighborhood has mostly single family detached homes, with easy access to downtown or to the Metro while retaining space with larger home lots, and trees. And more trees. Lots of the homes I've sold in this neigborhood also have vegetable & herb gardens.
Woodridge is nestled along the Mount Rainier, MD border, itself having a vibrant arts scene. To the west is South Dakota, allowing easy access to major entry/exit points of the city, as does Bladensberg to the south.
People (buyers and realtors) are talking about Woodridge, which means the media is as well. Washingtonian Magazine has this as one of the two "must buy in 2015" neighorhoods, and they very much focus on homes and real estate since that is an integral part of enjoying life in this city, as any other. Redfin, itself a numbers obsessed organization, listed Woodridge as the #1 neighborhood to buy in 2015 in DC, while ranking Woodridge as the #10 neighborhood to buy in the US in 2015.
What I like about this neigborhood are the changes which have started and will continue along Rhode Island Avenue. When I heard a local NPR broadcast repeated a few months ago, surely I realized that now, everyone knew. But that's fine because it confirms what I've been telling buyers for awhile now.
In a nutshell, 8 homes were sold in October 2015, while the average for the prior 5 years is 8, letting us know that obviously a secret is still a secret.
Currently 20 homes are on the market, whereas the October average for the prior 5 years is 23 about the same. Pressure is coming…it’s just not here quite yet.
With this ratio, we are at 2.2 Months of Supply, which is almost a buyer's market compared to the rest of DC. Someone has figured out Woodridge is here, if you notice the prior 5 year average of 3.2 months.
This month's activity shows us a $424,000 Sold price, compared to the five year average of $350,000. While down a bit from earlier this year, prices are remaining high in this great little neighborhood.
While the average days on market in this neighborhood has increased, with the average home being sold in 24 days it’s still below the 5 year average of 36. It seems to be taking a little longer to sell in this neighborhood than in other areas of the city. Have trends reversed permanently? Or is this only temporary? Time will tell.
While the ratio of sold price to original list price is 99.3%, the average for the prior 5 years was 95.6%. Buyers that are here are taking what opportunity there is and maximizing it.
Many of these numbers can be viewed as a good market, but with some wiggle room due to buying trends. It’s not hot, hot, hot….. yet, but again, this will change as buyers exhaust resources in other areas. Renovation is king here, and soon there will be a spotlight on this neighborhood just like the others.
(data from getsmartcharts)