The Long & Foster Market Minute

Focus On: Shepherd Park and Petworth Housing Market February 2023

Zip Code(s): 20011 and 20012
Units Sold
Active Inventory
Median Sale Price
Days On Market
Vs. Year Ago
Up 63%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 39%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 50 sold this month in Shepherd Park and Petworth Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 92 units or 63%. The total number of active inventory this February was 237 compared to 145 in February 2022. This month's supply remained stable as compared to last month.

Median Sale Price
Last February, the median sale price for Shepherd Park and Petworth Homes was $712,500. This February, the median sale price was $717,875, an increase of 1% or $5,375 compared to last year. The current median sold price is 15% higher than in January.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Up 38%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -3.4%
Vs. Year Ago
Up 162%
Vs. Year Ago

Months of Supply
In February, there was 4.7 months of supply available in Shepherd Park and Petworth, compared to 1.8 in February 2022. That is an increase of 162% 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 139 homes newly listed for sale in Shepherd Park and Petworth compared to 101 in February 2022, an increase of 38%. There were 80 current contracts pending sale this February compared to 78 a year ago. The number of current contracts is 3% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Shepherd Park and Petworth was 97.9% of the average list price, which is 3.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 43, higher than the average last year, which was 31, an increase of 39%.

The Long & Foster Market Minute Shepherd Park and Petworth are defined by properties in zip codes 20011/20012 and includes but is not limited to these neighborhoods: Shepherd Park, Colonial Village, Crestwood, and Petworth.
*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.