Chevy Chase and Columbia Heights Show Serious Home Price Gains

  • January 28, 2011

by Mark Wellborn

Chevy Chase and Columbia Heights Show Serious Home Price Gains: Figure 1
Median sales price increase in Columbia Heights/Mount Pleasant

Each month, the real estate brokerage Long & Foster releases Market Minute Reports for DC area neighborhoods, which provide statistics on units sold, active inventory, median sale prices, months of supply, and a number of other metrics used to measure the health of the home market. The reports released for December 2010 show that median home sales prices increased significantly in Chevy Chase and the Columbia Heights/Mount Pleasant area.

Specifically, the median price in Columbia Heights/Mount Pleasant increased a whopping 45 percent since December 2009 from $370,000 to $545,000. Not to be outdone, the median sales price in Chevy Chase increased 49 percent, from $787,000 to $1.175 million. (The Chevy Chase stat should be taken with a grain of salt, though, as the large increase is based on the handful of homes that sold in December.) Both Petworth/Shepherd Park (12 percent) and Cleveland Park/Kalorama (8 percent) also showed notable price increases.

While overall median prices were up 5 percent across DC, there were neighborhoods where prices fell, including the Southwest/Waterfront where prices dropped 17 percent and Spring Valley where prices were 6 percent lower than in December 2009.

For more individual neighborhood reports, click here.

Graphic above courtesy of Long & Foster.

This article originally published at http://dc.urbanturf.com/articles/blog/chevy_chase_and_columbia_heights_show_serious_home_price_gains/2915

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