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Home Price Watch: Doubling in a Decade in Bloomingdale and LeDroit

by Shilpi Paul

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A recently-sold home in Bloomingdale.

Many neighborhoods around the DC area have undergone massive transformations in the past decade. Dilapidated structures became luxury condos, vacant row houses turned into desirable family homes and in most cases, home prices increased.

UrbanTurf was interested to know exactly how prices have changed in neighborhoods around DC and the good people over at RealEstate Business Intelligence (RBI) were able to help us out with raw data from the last decade. While we’d love to get housing market data on a granular neighborhood level, it’s hard to get information like that which doesn’t align exactly with a zip code.

This week, we decided to focus on the 20001 zip code, which encompasses much of Bloomingdale, LeDroit Park, Shaw and Mount Vernon Square (the area east of 11th Street, west of North Capitol Street and roughly between Columbia Road and Massachusetts Avenue NW). We split up the numbers by property type and put them into tables below for the first seven months of the following years: 2002, 2007 and 2012.

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Some of the decade-over-decade numbers are pretty dramatic. A few highlights:

  • For all the property types, except condos, the median sale price doubled between 2002 and 2012. (Condo prices almost doubled.)
  • The difference in the number of condos on the market today versus 2012 reveals just how popular that property type has become; In the first seven months of 2002, 15 condos sold in 20001. So far this year, 169 have sold.
  • Lastly, homes fly off the market these days compared to ten years ago. For each property type category, days on the market has declined markedly. For townhouses — which make up a large portion of the area’s housing stock — median days on the market dropped from 41 in 2002 to just 12 in 2012.

This article is based on custom data provided to UrbanTurf by RealEstate Business Intelligence (RBI), a developer of real estate technology and information in the DC area.

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_doubling_in_a_decade_in_bloomingdale_and_ledroit/5871

5 Comments

  1. eric said at 10:46 am on Tuesday August 7, 2012:

    Thanks for such a comprehensive overview! Amazing to see how low the days on market statistic is right now, but I believe it.

  1. abbie said at 11:57 am on Tuesday August 7, 2012:

    It would be interesting to see these data in constant dollars so that we’re comparing apples to apples.

  1. Shilpi Paul said at 12:05 pm on Tuesday August 7, 2012:

    Hi Abbie,

    Thanks for the comment! Going forward, we’ll include the adjusted-for-inflation amount as well. If you are interested in calculating it for these numbers, this is a good inflation calculator: http://146.142.4.24/cgi-bin/cpicalc.pl

    Shilpi

  1. Anonymous said at 7:01 pm on Tuesday August 7, 2012:

    Excellent point abbie… adjusted for inflation, home prices in 2012 are actually significantly LOWER than in 2007 at the peak of the real estate market.

  1. anonymouse said at 10:33 pm on Wednesday August 8, 2012:

    unfortunately all the condos are stressing the neighborhood with parking, water and power demand, and the density means we are losing that single family/home ambiance.

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