Home Price Watch: Prices Rise 13 Percent in Brookland

• July 31st 2014

by Lark Turner

In this week’s Home Price Watch, UrbanTurf looks at Brookland, where home prices have risen about 13 percent in 2014, as listings spend less time on the market. In examining the Brookland market, UrbanTurf used segmented data from real estate data firm RealEstate Business Intelligence (RBI), which reflects a year-over-year snapshot in the legal Brookland subdivision between January-June 2013 and January-June 2014.

The borders of Brookland are roughly 8th Street to the west, Franklin Street and Rhode Island Avenue to the south, South Dakota Avenue to the east and Michigan Avenue to the north.

Brookland’s market looks a lot like Mount Pleasant’s, which we covered in last week’s Home Price Watch. The two share a strong performance in the price and total sales metrics, without seeing quite the value appreciation as markets like 16th Street Heights.

The biggest takeaways:

• The sales volume in Brookland has risen in 2014, and homes are selling at higher prices. The median sales price rose about 13 percent, from $394,000 to $444,500. The number of homes sold so far this year is up about 7 percent over 2013, from 105 to 112.
• Sellers seem to have very accurately pegged what they can get for their home. The average sold-to-list price ratio is 100 percent in 2014. List prices for sold properties in general are up about 15 percent year-over-year, rising to $449,411 from $391,962.
• Homes are spending fewer days on the market. Days on market in the neighborhood fell by 14 percent, or five days, dropping to 30 from 35.

This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_brookland_where_sales_have_gone_up_13_percent/8805.