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Home Price Watch: Almost Back At 2007 Levels in Petworth and Crestwood

by Shilpi Paul

Home Price Watch: Almost Back At 2007 Levels in Petworth and Crestwood: Figure 1
Home for sale in 20011.

In Home Price Watch, UrbanTurf analyzes the housing markets in various zip codes around the DC area using numbers provided by RealEstate Business Intelligence (RBI).

This week, we examine 20011, a zip code that encompasses portions of Crestwood, Petworth, Brightwood and 16th Street Heights. It is roughly bounded by the District border on the east, Quincy Street NW on the south, Rock Creek Park on the west and Tuckerman Street NW on the north.

Last year, we noted that in every property category for the zip code, median prices approximately doubled between 2002 and 2007, and then slipped by 2012.

Home Price Watch: Almost Back At 2007 Levels in Petworth and Crestwood: Figure 2

This year, prices have crept up in each category, almost reaching the heights of 2007. Townhouses sell at a median of $441,000, close to the inflation-adjusted 2007 high of $446,407. For condos, the current median sale price of $246,000 has about $30,000 to go before reaching the peak set six years ago.

Detached homes followed the same path. At $639,900, the 2013 median is quite a bit higher than it was last year ($581,308), but has quite a ways to go before reaching the 2007 levels of $766,787.

As we noticed last year, the most notable trend on the chart is the staggering increase in the number of condo sales over the last decade. Eleven years ago, only 18 condos sold, and the jaw-droppingly low median price of $50,000. By 2007, the number of condos sold had increased to 123. Eighty-eight have sold so far this year.

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_almost_back_at_2007_levels_in_20011/7832

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