$1,360 a Square Foot: What if DC Real Estate Went the Way of NYC?
Rendering of a new condo in Soho.
Recently released real estate statistics out of Manhattan for the first quarter of this year are downright astounding.
The average price per square foot of a home in New York’s central borough rose to $1,363 in the beginning of 2014, a 23.6 percent jump from 12 months earlier. There were 3,307 total sales in the first quarter alone, the highest total for a first quarter in seven years. The number of listing discounts dropped to 2.6 percent from 4.3 percent a year earlier.
Courtesy of Douglas Elliman and Miller Samuel.
The most eye-popping statistics, however, relate to the current average price for a home in Manhattan and how much that price has increased over the last year. The average home price stood at $1.773 million in early 2014, a 31 percent increase over 12 months earlier. The increase in median sales price during that period is only slightly less notable, rising 19 percent from $820,555 to $972,428.
To put that appreciation in perspective, if DC experienced those stratospheric increases, a $400,000 condo purchased last March would conceivably be worth $524,000 today. Even if you used the median price appreciation, that $400,000 condo would be worth $476,000 twelve months later.
This article originally published at https://dc.urbanturf.com/articles/blog/1300_a_square_foot_what_if_dc_real_estate_went_the_way_of_nyc/8331.
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