Which Neighborhoods Have the Fastest Price Reductions?

Here’s a fun set of data. Redfin data engineers have dug deep into our market databases to find out which neighborhoods have the fastest price reductions.

For listings with more than one price drop, we calculated the time between each price drop. Then, for each neighborhood, we calculated the median average number of days between successive price drops for listings. Neighborhoods with fewer than 20 reduced-price listings were excluded from the calculation.

Here’s a chart of the top ten neighborhoods with the fastest price reductions:

For those readers that are interested to know which neighborhoods had the slowest price drops, feel free to download the full data set in Excel 2007 format.

Only Trinidad made this month’s top ten neighborhoods with the most price-reduced listings and the top ten fastest price reductions.

On average, neighborhoods where price reductions happen the fastest in the DC area seem to be those with higher prices in terms of price per square foot. The average median sold price per square foot of the top ten neighborhoods with the fastest price reductions was $387, while the ten neighborhoods with the slowest price reductions had an average median sold price of just $117 per square foot. So don’t assume that just because sellers in a particular neighborhood are reducing their prices quickly, you can find great deals there.