A home for sale on the Hill.
In our first edition of Home Price Watch in 2014, published in April, we checked up on the market on Capitol Hill during the first quarter of the year using fine-grained data that had just become available from RealEstate Business Intelligence. Based on the data available at the time, things looked pretty good for the neighborhood: the median price had risen 9.4 percent from the same time in 2013. Now, a couple of quarters later, we’re checking back in to see how the neighborhood has fared over the rest of the year.
The advertised subdivision of Capitol Hill is large; when we looked at the first quarter data, 79 sales had already been recorded. By the end of October, that number rose to 401 sales — a much more robust set of data. That’s exciting (at least by wonky UrbanTurf standards), because it means we can draw some inferences about the market in the neighborhood based on finer data, like the home size and type.
The median sales price in the neighborhood still shows a net gain over 2013 at 6.5 percent, up from $650,000 last year to $692,000 this year. List prices in the neighborhood have risen 4 percent, and homes are spending just a little less time on the market this year — 28 days in 2014 versus 29 in 2013. Here may be the most telling statistic for the neighborhood, though: More than 200 homes that hit the market on the Hill sold in the first ten days on the market; 32 of those sold immediately.
These are all positive indicators for sellers on Capitol Hill, but the established neighborhood isn’t showing the fierce growth exhibited by more up-and-coming areas in the city.
A breakdown of the data shows which homeowners have really done well in the area this year, with a caveat: These breakdowns show the average sales price, not the median, meaning a big or small home sale could be affecting the data.
Condos and co-ops, of which 118 have sold so far this year, have done a little better, pricewise, than the neighborhood as a whole. The average sales price of condos rose 7 percent, from $416,555 to $445,979. Big rowhouses also did well. 64 attached homes with four or more bedrooms have sold so far this year, and their sales price rose 10.5 percent, from $1,048,840 to $1,159,156. Prices for attached three-bedrooms gained by about 9.8 percent, moving from $763,696 to $838,365.
And the biggest gains were reserved for the smallest homes. The average sale price of attached homes with two-bedrooms or less, of which 88 have sold so far this year, rose 13 percent, from $588,362 to $665,673.
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_a_return_to_capitol_hill/9279
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
Loan recasting is a growing practice- so what is it?... read »
The project would replace a concrete plant and would deliver the neighborhood's first... read »
The 25-acre array will produce a quarter of the university's current annual energy co... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
Federal Realty plans to eventually file a planned unit development application for th... read »
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The 12,000 square foot replica of 1600 Pennsylvania Avenue went under contract last w... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro