A Columbia Heights home that sold for more than $100K over list in May.
For this week’s Home Price Watch, we head up to Columbia Heights, where prices continue to rise and the pace of home sales makes the neighborhood one of the most active markets in the city.
As was the case last year, home price growth in Columbia Heights has slowed, though it’s certainly still happening. Our 2014 home price watch, which looked at the period of January-March 2014 as compared to that same period in 2013, showed median price gains of 15 percent. This year, home prices rose 7 percent.
Condo and co-op prices rose by 4 percent on average; three- and four-plus bedroom homes saw average price gains of 6 and 8.5 percent respectively. The market is likely tightest for four-plus bedroom rowhouses, which have an average sale price of $784,561 so far this year. That’s an especially competitive price range in DC’s market, as we noted in a story on escalation clauses last week.
A few other takeaways from the data:
- 167 homes have sold so far in Columbia Heights this year, making it one of the most active neighborhood markets in the city.
- 77 percent of the homes sold this year were purchased with conventional financing; only six homes were purchased using FHA.
- 45 percent of homes sold this year did so in the first ten days they were on the market.
UrbanTurf used data on the legal Columbia Heights subdivision from real estate data firm RealEstate Business Intelligence for this article.
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- $1 Million is the New Normal in Chevy Chase DC
- Home Price Watch: A 38 Percent Rise in Takoma Park
- Home Price Watch: Petworth, Where Prices Are Up 23 Percent
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_columbia_heights_where_prices_have_risen_7_percent/9949
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