Homes on Fairmont Street in Columbia Heights
UrbanTurf is using newly segmented data from RealEstate Business Intelligence (RBI) to look at the real estate market in specific DC-area neighborhoods. Using a year-over-year snapshot, we’ve covered Capitol Hill, where lower sales volume may have contributed to rising prices; Bloomingdale, where home prices rose 20 percent in the first quarter of 2014; and Chevy Chase DC, where list prices rose 26 percent.
This week, we take a look at Columbia Heights, where indicators show a still-strong market that is stabilizing somewhat, though competition for homes is steep.
While its boundaries are often debated, Columbia Heights — for the purpose of this article — is bounded by Florida Avenue to the south, 16th Street and Georgia Avenue to the west and east, and Spring Road to the north. Each successive year seems to bring a new headline about Columbia Heights real estate. Its renaissance accelerated in 2008, when a shopping mall anchored by a Target opened up near the neighborhood’s Metro station. In 2012, we called it the Year of the Seller in Columbia Heights because of the steeply rising prices and low inventory that characterized the market.
Here are a few takeaways from the RBI data, the most robust neighborhood set that we’ve used thus far given the number of sales this year compared to last (149 in 2014 vs. 107 in 2013).
- Prices rose in Columbia Heights in 2014 by about 15 percent, representing a median $66,000 increase. The median sold price jumped to $525,000 from $459,000.
- List prices on sold homes rose just 6 percent, from $479,902 to $507,681. That means houses are typically selling for roughly $17,000 above their list price.
- Raw dollar volume of homes sold has skyrocketed this year — $76 million versus $51 million in 2013 — a 48 percent increase.
- Homes spent a lot less time on the market in Columbia Heights, something we’ve seen across the DC area in 2014. The days on market metric dropped almost 50 percent, from 51 to 28 days.
This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_columbia_heights_15_percent/8444.
Most Popular... This Week • Last 30 Days • Ever
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
A Roth IRA is one of those accounts that people feel is totally off limits until you ... read »
The latest edition of What $1.5 Million Buys includes a Falls Chuch home reminiscent ... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First Timer Primer, we take a closer look at what you are actually... 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