Chevy Chase and Columbia Heights Show Serious Home Price Gains

• January 28, 2011
• 6 Comments

by Mark Wellborn

Median sales price increase in Columbia Heights/Mount Pleasant

Each month, the real estate brokerage Long & Foster releases Market Minute Reports for DC area neighborhoods, which provide statistics on units sold, active inventory, median sale prices, months of supply, and a number of other metrics used to measure the health of the home market. The reports released for December 2010 show that median home sales prices increased significantly in Chevy Chase and the Columbia Heights/Mount Pleasant area.

Specifically, the median price in Columbia Heights/Mount Pleasant increased a whopping 45 percent since December 2009 from $370,000 to $545,000. Not to be outdone, the median sales price in Chevy Chase increased 49 percent, from $787,000 to $1.175 million. (The Chevy Chase stat should be taken with a grain of salt, though, as the large increase is based on the handful of homes that sold in December.) Both Petworth/Shepherd Park (12 percent) and Cleveland Park/Kalorama (8 percent) also showed notable price increases.

While overall median prices were up 5 percent across DC, there were neighborhoods where prices fell, including the Southwest/Waterfront where prices dropped 17 percent and Spring Valley where prices were 6 percent lower than in December 2009.

For more individual neighborhood reports, click here.

Graphic above courtesy of Long & Foster.

This article originally published at http://dc.urbanturf.com/articles/blog/chevy_chase_and_columbia_heights_show_serious_home_price_gains/2915

6 Comments

1. J said at 1:27 pm on Friday January 28, 2011:

   Is it accurate to call these home price gains, or it is more likely the result of a specific segment of the market enjoying greater sales?

1. L said at 1:41 pm on Friday January 28, 2011:

   @ J—The price stats do not take into account sales volume, but rather the median price of listed/sold (not sure which one) properties in that specific neighborhood in December ‘10 versus December ‘09.

1. Jacob said at 2:19 pm on Friday January 28, 2011:

   I’m not surprised by the CH numbers. I went there for the first time in a bit this past weekend and there were more white people than in NoVa. It’s insane how quickly DC can change/ruin (depending on what your feelings on gentrification are) neighborhoods. Personally, I don’t think CH has much personality these days and I certainly wouldn’t pay the money some do to live there.

1. john said at 4:21 pm on Friday January 28, 2011:

   @jacob - yes vacant buildings, empty lots, and rundown houses have so much character.

1. Jacob said at 5:24 pm on Friday January 28, 2011:

   I’m going to go out on a limb and say you never visited CH before 5 years ago. Anyways, I’m not saying I would have paid those prices for CH before, I’m just not going to start now that it’s “added” target and yuppies.

1. MathGuy said at 10:11 am on Monday January 31, 2011:

   Hogwash…I hate articles that try to extrapolate some sort of trend when none exists. How about you do a trend analysis for the past 12 months to include sales at different price points. Please take a stats course to help you better report these types of numbers as you are not helping the masses understand what is actually going on in the market.

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