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The Dramatic Five-Year Jump in DC Home Prices

by Lark Turner

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A renovated home in Trinidad.

UrbanTurf recently decided to take a look at how much home prices have risen in select DC neighborhoods over the last five years. To do so, we used median sales price data from RealEstate Business Intelligence for certain advertised subdivisions. We compared data for all of 2009 with 2014 data for the same set of neighborhoods.

The results are dramatic:

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A lot can be gleaned from the statistics in the chart above, but here are a few takeaways from our analysis:

  • The most startling jump in median sales price, at approximately 143 percent, belongs to Trinidad. The neighborhood north of H Street, infamous for its police checkpoints as recently as 2008, has seen median sales prices rise from $160,800 in 2009 to $390,500 last year.
  • With the exception of Anacostia, the neighborhoods with the lowest price growth were generally the most established.
  • Despite a good deal of focus on Historic Anacostia over the last few years by real estate watchers, the area’s prices have hardly moved, just beating out inflation.
  • Georgetown is the only neighborhood featured where the median sales price eclipsed $1 million last year.
  • The median sales price for LeDroit Park in 2014 may look high to some readers, but that is due to the fact twice as many rowhouses sold in the neighborhood last year compared to condos/co-ops.
  • On the other hand, the Mount Pleasant median sales price for last year might look low, but that is for the opposite reason — twice as many condos/co-ops sold in 2014 compared to rowhouses, even though the neighborhood is known for the latter. The average sales price for three and four-bedroom homes in the neighborhood is in the $900,000 range.

We realize that only a handful of DC neighborhoods are included in the analysis, so if you want the five-year statistics for an area not featured, let us know in the comments and we will get back to you over the coming days.

See other articles related to: realestate business intelligence, rbi, home prices

This article originally published at http://dc.urbanturf.com/articles/blog/the_dramatic_five_year_jump_in_dc_home_prices/9721

17 Comments

  1. Andrew said at 2:01 pm on Friday April 3, 2015:

    I would like to see how prices increased as you moved north along RCP.
    So looking at Adams Morgan, Columbia Heights, Petworth, 16th Street Heights (already done), and finally Brightwood- to see if the price increases are literally moving north.

  1. monademarkpv said at 2:11 pm on Friday April 3, 2015:

    How about WoodRidge and Langdon?

  1. Mark Wellborn said at 2:13 pm on Friday April 3, 2015:

    Andrew,

    Here you go. Columbia Heights is included in the table above.

    Adams Morgan—2009: $429,000   2014: $575,000
    Petworth—2009: $255,000   2014: $507,750
    Brightwood—2009: $367,812   2014: $446,000

  1. DCviaSD said at 2:14 pm on Friday April 3, 2015:

    How about continuing up 16th all the way to Shepherd Park?  Curious how prices may have changed with the redevelopment of Walter Reed on the horizon, and the rezoning to Wilson H.S.

  1. Mark Wellborn said at 2:25 pm on Friday April 3, 2015:

    Woodridge—2009: $254,900   2014: $390,000
    Shepherd Park—2009: $623,750   2014: $675,000

    RBI unfortunately does not have data for Langdon

  1. Mr & Mrs. Anacostia said at 2:33 pm on Friday April 3, 2015:

    The reason for slow growth in “Historic” Anacostia is b/c of supply NOT demand. The boundaries are small so not a lot goes on the market. That will soon change. Buy “Historic” Anacostia TODAY!

  1. Jamie said at 4:52 pm on Friday April 3, 2015:

    It would be a lot more interesting to see an analysis that didn’t start at the bottom. If you bought a place in 2009 - good for you - but in many of those neighborhoods, like much of the country, home values dropped a lot in 2008.

  1. sschnepp@cbmove.com said at 8:33 am on Saturday April 4, 2015:

    Mark, how have uber-established Dupont, Logan and Kalorama done?

  1. Mark Wellborn said at 9:49 pm on Saturday April 4, 2015:

    sschnepp,

    Dupont—2009: $380,000   2014: $386,000
    Kalorama—2009: $489,000   2014: $490,000
    Logan—2009: $475,000   2014: $645,000

  1. Mark Wellborn said at 9:51 pm on Saturday April 4, 2015:

    Jamie,

    We’d love to, but RBI stats that we have access to only go back to 2009. We have reached out to RBI in the hopes that they can provide us with statistics going back further.

  1. HstRez said at 9:15 am on Monday April 6, 2015:

    Does H Street NE fall within the boundaries of one of the neighborhoods listed? Any way to break it out separately? This is really interesting. Thanks in advance!

  1. Lark Turner said at 9:48 am on Monday April 6, 2015:

    Hi H Street Rez,

    We’re able to look at data from homes advertised as being within the H Street Corridor, but in 2009 there were just four properties sold meeting that criteria, so the data isn’t really comparable. (The median price of the four sales was $451,750, but again, that is not a reliable indicator of what was happening in the neighborhood at that time.)

    Unfortunately we can’t break out the legal subdivision of H Street since the sales are folded in with data from other neighborhoods. We can, however, tell you that in 2014, the median price in the advertised H Street Corridor was $542,000.

  1. arlowine20 said at 12:16 pm on Monday April 6, 2015:

    So are we in a real estate bubble? There is an inverse relationship between mortgage rates and house price. Rates will not remain low forever. Not a big factor if you plan to stay in a house a long time.But at the current price there seems to be a disconnect between what people are earning and housing prices.

    I’d like to see an analysis of who is able to buy in The Wash Metro region. Incomes must be much higher than the well educated employed crowd I hang with.

  1. Savannah said at 8:24 am on Tuesday April 7, 2015:

    Could you please provide stats for Deanwood, Takoma, and Congress Heights? Thanks!

  1. Logandude said at 9:04 am on Tuesday April 7, 2015:

    According to the story above, only one neighborhood in DC saw more than 100% appreciation in those 5 years.  Meanwhile, the median daily close for the S&P 500 in 2009 was 934.7, and in 2014 was 1936.16.  Thus, the *average* stock market return was more than 100% during the same period - and that without the requirement for additional capital investment.  Yes, of course the stock market is in a bubble, just like the DC housing market - but during this bubble, stock market appreciation was greater than real estate appreciation

  1. Lark Turner said at 10:10 am on Tuesday April 7, 2015:

    Hi Savannah,

    For Deanwood, 2009: $95,475 with 168 sales (though it’s notable that in 2008 it was $231,750 with 82 sales) and 2014: $200,000

    Takoma Park, 2009: $325,000 2014: $399,999

    Congress Heights, 2009: $109,900 (also had a very large drop from 2008) and 2014: $159,950

  1. Jamie said at 3:12 pm on Tuesday April 7, 2015:

    @Logandude - the big difference between real estate and the stock market, is that someone else (e.g., a mortgage lender) assumes most of the risk of your investment, while you get all the return.

    So sure, took $1 million and bought 2 houses with it in 2009, then sold them 5 years later, you’d have been better off in the stock market.

    But who does that? You really only need 10-20% down to buy a house.

    So a savvy investor could have leveraged that $1 million to purchase 5 or 10 houses, gotten some renters to pay the mortgages, and probably earned some incremental rental income in the intervening 5 years, too.

    It’s not at all apples and oranges. Real estate lets you leverage other people’s money while reaping all the returns. Of course you also have a house to rent and keep up in the meantime, which takes effort, but possibly also results in more income.

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