The Long & Foster Market Minute

Focus On: American University Park and the Palisades Housing Market January 2024

Zip Code(s): 20016
Units Sold
14
Active Inventory
59
Median Sale Price
$1,238,500
Days On Market
45
Down
Vs. Year Ago
No Change
Vs. Year Ago
Up
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in January, with 14 sold this month in American University Park and the Palisades Real Estate. This month's total units sold was lower than at this time last year, a decrease from January 2023.

Active Inventory
The total number of homes available this month is 59 units, which is similar compared to a year ago. This month's total of 59 is higher than the previous month's total supply of available inventory of 53, an increase of 11%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last January, the median sale price for American University Park and the Palisades Homes was $949,500. This January, the median sale price was $1,238,500, an increase of $289,000 compared to last year. The current median sold price is higher than in December.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
30
Current Contracts
17
Sold Vs. List Price
98.1%
Months of Supply
4.2
Down -32%
Vs. Year Ago
Down -39%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Up 57%
Vs. Year Ago

Months of Supply
In January, there was 4.2 months of supply available in American University Park and the Palisades, compared to 2.7 in January 2023. That is an increase of 57% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 30 homes newly listed for sale in American University Park and the Palisades compared to 44 in January 2023, a decrease of 32%. There were 17 current contracts pending sale this January compared to 28 a year ago. The number of current contracts is 39% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in American University Park and the Palisades was 98.1% of the average list price, which is 0.6% lower than at this time last year.

Days on Market
This month, the average number of days on market was 45, higher than the average last year, which was 28. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute American University Park and the Palisades are defined as properties listed in zip code/s 20016 and includes, but is not limited to these neighborhoods: Spring Valley, Wesley Heights, AU Park, and the Palisades.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.