Home Price Watch: Eckington, Where Home Prices Rose More Than 7 Percent

  • October 20th 2014

by Lark Turner

Home Price Watch: Eckington, Where Home Prices Rose More Than 7 Percent: Figure 1
A home on the market in Eckington.

In this week’s Home Price Watch, we take a look at Eckington, where home values have risen steadily since last year.

Eckington sits between North Capitol Street to the west, the Metropolitan Branch Trail to the east, Rhode Island Avenue to the north and Florida Avenue to the south.

The value of homes in the neighborhood has risen 7.14 percent over the past year, according to data provided by RealEstate Business Intelligence (RBI). The segmented data from the real estate data firm shows a year-over-year snapshot in the advertised Eckington subdivision between January-September 2013 and January-September 2014.

The data show slightly more homes hitting the market in Eckington this year over last year, with six more homes sold in the same period in 2014. That change increased the neighborhood’s sold dollar volume from $40,778,210 to $45,855,868, an increase of 12.45 percent.

Compared to other neighborhoods we’ve recently taken a look at, Eckington’s market has performed well. During a similar period LeDroit Park’s numbers barely shifted, while Glover Park saw a slowdown. But Eckington is not at the top of the pack: Woodridge saw median sales jump 12 percent.

Home Price Watch: Eckington, Where Home Prices Rose More Than 7 Percent: Figure 2
Click to enlarge.

Here are a few more takeaways from the data:

  • Sellers have picked up on the median price increase in the neighborhood; the average list price jumped 7.70 percent from $466,183 to $502,092.
  • Buyers aren’t quite meeting those increased list prices. The ratio of average sold price to average list price dropped 2.73 percent, from 102.5 percent to 99.7 percent.
  • The time homes spent on the market edged slightly downward, from an average of 34 days to 33 days. The majority of homes sold in the first 20 days on the market.

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This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_eckington_where_home_prices_rose_more_than_7_percent/9113.

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