Home Price Watch: LeDroit Park, Where the Market is Stabilizing

• October 9th 2014

by Lark Turner

In this week’s Home Price Watch, we turn our attention to LeDroit Park, where the home market has essentially stabilized.

LeDroit is a cozy neighborhood adjacent to Bloomingdale that’s bounded by Florida and Rhode Island Avenues to the south, 2nd Street to the east, Howard University to the north, and Bohrer Street and Howard University Hospital to the west.

The value of homes in the neighborhood has risen only slightly over the past year, according to data provided by RealEstate Business Intelligence (RBI). The segmented data from the real estate data firm shows a year-over-year snapshot in the advertised LeDroit Park subdivision between January-August 2013 and January-August 2014. The median price of a home rose just over 1 percent, from $608,500 to $615,000. Meanwhile, the amount of time homes spent on the market dropped slightly, from 40 days on average to 38.

That’s a big change from the wild growth LeDroit experienced between 2002 and 2012, when prices doubled.

Here are a few more takeaways from the data:

• Sellers have picked up on the slight price increases and are pricing their homes accordingly. The average list price for sold homes increased from 3.83 percent year-over-year, moving from $594,841 to $617,635. Buyers, in turn, increased bids slightly.
• 33 of the 55 homes sold so far this year sold in the first 20 days on the market.
• Most of the sales — 37 of them — were conventionally financed, meaning they were likely not purchased as flips or investment properties.

This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_ledroit_park_where_the_market_is_stabilizing/9074.