loading...

The DC Neighborhoods with the Best Price Appreciation in 2014

by Lark Turner

In 2014, home prices rose in a number of DC neighborhoods. Using legal subdivision data provided by RealEstate Business Intelligence (RBI), UrbanTurf dug into the neighborhoods where median sales prices rose the most between the first ten months of 2013 and the same period this year. We omitted neighborhoods with very low sales volume.

Here are the top 10:


image
A rowhouse in the Southwest Waterfront

10. Southwest Waterfront

Median sales prices on the Southwest Waterfront, where ground broke on the massive Wharf redevelopment this year, rose 12.5 percent, moving from $262,000 last year to $294,856 during the same period in 2014. Homes were quicker to sell in 2014, too; the average time a home spent on the market dropped 44 percent, from 34 days to 19. The vast majority of the homes sold were condos or co-ops, and most buyers purchased homes with conventional financing.


image
An under-contract home in Cleveland Park.

9. Cleveland Park

Cleveland Park’s median sales price rose 13.9 percent, moving from $377,000 last year to $429,500 this year. Homes spent 31 days on the market in 2014, compared to 37 days last year.Of the 114 units sold this year, 79 were condos or co-ops. Bigger homes sold in the neighborhood, too; 26 of the sales were homes with four or more bedrooms.


image
A multi-million dollar home on the market in Spring Valley.

8. Spring Valley

This tony neighborhood has a high buy-in price; it takes more than $1 million for the average buyer to live in Spring Valley. That price rose higher this year, moving from $1,367,500 in 2013 to $1,567,500 in 2014, an increase of 14.6 percent. Almost all of the homes sold in the neighborhood were detached houses with four or more bedrooms. 46 homes sold this year in the neighborhood compared to 28 last year. That likely contributed to the increase in the average number of days homes spent on the market, which rose to 65 days from 34 last year.


image

7. LeDroit Park

Prices rose 17.3 percent in LeDroit Park, increasing from $550,000 last year to $645,000 during the same time period this year. Days on market also dropped from 38 to 30. Though most of the sales were conventional, a handful were all-cash transactions, indicating that there were still some investor opportunities in the rapidly appreciating neighborhood.


image
Duplexes in Deanwood

6. Deanwood

Deanwood’s median sales prices were low last year, at $169,500, and have risen appreciably in 2014. The median sales price is now up to $200,000, an 18 percent increase. More homes sold in the neighborhood this year than last, and the average time homes spent on the market decreased considerably, moving from 81 to 47 days. The sales were a mix of FHA, conventional and cash transactions.


image
A renovated home on the market in Riggs Park.

5. Riggs Park

Homes in Riggs Park, a small neighborhood north of Michigan Park near the border with Maryland, rose about 18 percent in 2014 as well. Prices moved from $285,000 to $336,500. Sales in the neighborhood saw a big jump in 2014, from 47 last year to 78 this year, but in spite of that increased inventory, the number of days homes spent on the market dropped from 41 to 25.


image
The view from a Palisades home that sold this spring.

4. Palisades

The buy-in price for the Palisades nearly eclipsed $1 million this year. Home prices rose 20 percent, moving from $816,425 to $980,000. In the meantime, listings on the market sold quicker; homes spent an average of 47 days on the market, down from 75 last year.


image
A home in Garfield that sold earlier this year.

3. Garfield

Homes in Garfield, a small neighborhood near Woodley Park and just west of the National Zoo, rose about 27 percent this year, moving from $421,500 to $535,000. Oddly, the average days homes spent on the market increased considerably, from 25 to 42, in spite of the price increase in the neighborhood. 35 of the 49 homes sold were condos or co-ops.


image
A two-bedroom on the market in Wakefield.

2. Wakefield

Prices in Wakefield, a small neighborhood near Van Ness, rose a surprising 30 percent this year, up to $475,000 from $365,500 in 2013, though the average number of days homes in the neighborhood spent on the market rose from 31 to 44. The vast majority of the neighborhood’s sales were condos or co-ops.


image
A home sold this year in Hillcrest.

1. Hillcrest

Homes in Hillcrest rose a surprising 36.5 percent in 2014, making it the stand-out neighborhood for price appreciation this year. Prices rose from $241,700 in 2013 to $330,000 in 2014. Days on market dropped from 51 to 40 even with a slight uptick in homes sold (up to 62 from 54).

See other articles related to: price appreciation

This article originally published at http://dc.urbanturf.com/articles/blog/the_neighborhoods_with_the_best_price_appreciation_in_2014/9303

0 Comments — Be the First!

Join the discussion

UrbanTurf now requires registration in order to post comments. Register here, or login below if you are already registered.

Click here if you forgot your password.



DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

Northern Virginia

Profiles of 14 neighborhoods across Northern Virginia

Ballston
Looking to Give People A Reason to Stay Past 6pm
Clarendon
Happily Straddling the Line Between City and Suburb
Columbia Pike
Arlington’s Neglected Stepchild is Getting a Makeover
Crystal City
Turning Lemons into Lemonade
Lyon Village
Developing An Air of Exclusivity?
Rosslyn
Hitting Its Growth Spurt
Shirlington
An Urban Village Hitting Its Stride
Del Ray
Virginia’s Small Town Near the Big City
Eisenhower Avenue
The Vibrancy Might Take a Few Years
Huntington
The Quiet Neighborhood By the Beltway
Old Town
Mayberry By The Potomac
Parkfairfax
132 Commerical-Free Acres
Downtown Falls Church
Staying the Same in the Midst of Change
Tysons Corner
Radical Change Could Be On The Way

See more Northern Virginia »

Maryland

Profiles of 14 neighborhoods in suburban Maryland

Annapolis
Small-Town Living in the State Capital
Bethesda
Bedroom Community Gets Buzzing Cache
Cabin John
In With The New While Maintaining the Old
Chevy Chase
Affluence, Green Lawns and Pricey Homes
Downtown Silver Spring
Experiencing a Resurgence After a Bumpy History
Potomac
A Suburb on Steroids
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
Takoma Park
More Than a Little Bit Quirky
Wheaton
A Foodie Magnet on the Verge of Change
Capitol Heights
Kudzu, Front Porches and Crime
Hyattsville
Glass Half Full or Half Empty?
Mount Rainier
Artists, Affordable Homes and A Silo Full of Corn
National Harbor
A Development Rises Next to the Potomac
Riverdale Park
A Town Looking For Its Identity

See more Maryland »

Northwest DC

30+ neighborhood profiles for the city's biggest quadrant

16th Street Heights
DC's Sleeper Neighborhood
Bloomingdale
Where (Almost) Everyone Knows Your Name
AU Park
One of DC’s Last Frontiers Before the Suburbs
Brightwood
DC’s Northern Neighborhood on the Cusp
Burleith
DC’s 535 House Neighborhood
Cathedral Heights
Do You Know Where That Is?
Chevy Chase DC
Not to Be Confused With the Other Chevy Chase
Cleveland Park
Coming Back After A Rough Year
Columbia Heights
DC’s Most Diverse Neighborhood, But For How Long?
Crestwood
An Island of Serenity East of the Park
Dupont Circle
The Best of DC (For a Price)
Foggy Bottom & West End
Where the Institutional Meets the International
Forest Hills
Ambassadors and Adventurous Architecture
Fort Totten
Five Years Could Make a Big Difference
Foxhall Village
350 Homes Just West of Georgetown
Friendship Heights
A Shopping Mecca With a Few Places to Live
Georgetown
History, Hoyas and H&M
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
Kalorama
A Posh View From Embassy Row
LeDroit Park
A Quiet Enclave in the Middle of the City
Logan Circle
Trendy Now, But Not By Accident
Mount Pleasant
Sought-After Homes Surround Main Street in Transition
Mount Vernon Triangle
From Seedy to Sought-After
Palisades
The Long, Skinny Neighborhood at the City’s Northwest Edge
Park View
It’s Not Petworth
Penn Quarter/Chinatown
DC’s Go-Go-Go Neighborhood
Petworth
Getting a Vibrancy of Its Own
Shaw
The Duke’s Former Stomping Ground
Shepherd Park
DC’s Garden of Diversity
Spring Valley
A Suburb With a DC Zip Code
Takoma
Not To Be Confused With Takoma Park
Tenleytown
Not Quite Like Its Neighbors
U Street Corridor
The Difference a Decade Makes
Woodley Park
Deceptively Residential
Adams Morgan
No Longer DC’s Hippest Neighborhood, But Still Loved by Residents

See more Northwest DC »

Southwest DC

The little quadrant that could

Southwest Waterfront
A Neighborhood Where A Change Is Gonna Come

See more Southwest DC »

Northeast DC

Profiles of 10 neighborhoods in NE

Brookland
New Development Could Shake Up Pastoral Peace
Deanwood
A Little Bit of Country Just Inside the District’s Borders
Eckington
Not to Be Confused With Bloomingdale
H Street
A Place To Party, and To Settle Down
Langdon
The Northeast Neighborhood That Few Know About
Michigan Park
A Newsletter-On-Your-Doorstep Community
NoMa
Evolving from a Brand to a Neighborhood
Rosedale
Ripe for Investment Right About Now
Trinidad
The Difference 5 Years Makes
Woodridge
Big Houses, A Dusty Commercial Strip and Potential

See more Northeast DC »

Southeast DC

6 neighborhoods from Capitol Hill to East of the River

Capitol Riverfront
Still Growing
Hill East
Capitol Hill’s Lesser Known Neighbor
Congress Heights
Gradually Rising
Hillcrest
Notable for Its Neighborliness
Historic Anacostia
Future Promise Breeds Cautious Optimism
Eastern Market
A More European Way of Living

See more Southeast DC »

Upcoming Seminars ▾