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The Staggering Home Price Increase in Shaw

by Tianna Mañón

The Staggering Home Price Increase in Shaw: Figure 1
A home in Shaw that sold earlier this year.

The rising home prices among certain property segments in Shaw is astonishing, even by DC standards.

Over the last 12 months, the median sales price for all homes in the central DC neighborhood jumped 17 percent. A more granular look at the data, however, shows that the average price for condos jumped from $586,000 to $743,000, a 27 percent increase. The price increase for three-bedroom row houses is even more noteworthy — a jump of 35 percent from $698,000 to $939,000.

And it’s not just prices that evidence the heat of the Shaw market. The median days on market for homes sold this year dropped 29 percent — 24 days to 17 days — compared to last. The average sales price to original list price ratio is also one of the highest in the city at 102.9 percent, a statistic in line with those above and a clear indication that homes are regularly selling above list price.

The Staggering Home Price Increase in Shaw: Figure 2
Click to enlarge.

Other notable information from this data:

  • Most of the home sales were conventionally financed, suggesting there is little investment activity in these purchases.
  • Six months was the longest a home in Shaw sat on the market in 2015.

UrbanTurf used data on the advertised Shaw subdivision from real estate data firm RealEstate Business Intelligence for this article.

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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_condo_prices_rise_27_percent_in_shaw/10598

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