A home in 20007 that recently sold for $5.4 million.
In this edition of Home Price Watch, where we analyze the housing market in various zip codes using numbers provided by RealEstate Business Intelligence (RBI), we take a look at an area in DC where home values on average exceed the million dollar mark.
Roughly speaking, the 20007 zip code is bounded by the Potomac River on the south, Rock Creek Park/Observatory Circle on the east, Garfield Street NW to the north and a western border that cuts right down the middle of Battery Kemble Park to the Potomac. Portions of Burleith, Glover Park, Foxhall, Georgetown and Massachusetts Avenue Heights are in 20007.
The area showed a steady rise in prices between 2002 and 2012, and claimed some of the highest median sale prices of all the zip codes we looked at last year: the median sale price for the 141 townhomes that sold between January and August of 2012 was $1,000,000, and for the 61 detached homes that sold during that time period, it was $1.5 million.
This year, prices continued to climb in all property categories for 20007. After breaking the million dollar mark in 2012, townhomes now sell for a median of $1,134,877. Detached home remained in the $1.5 million zone, and condos climbed up to a median of $430,750 from $399,000 last year.
Even with rising prices, homes in 20007 (like the rest of the city) continue to sell at a faster pace than in 2012. Townhomes stayed on the market for a median of 17 days, down from 29 last year, while detached homes sold on median in 36 days, down from 46 last year.
- Home Price Watch: Townhomes Break $1 Million in 20009
- Home Price Watch: Rising 15 Percent a Year in Bloomingdale and LeDroit
- Home Price Watch: Climbing on Capitol Hill and Hill East
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_georgetowns_million_dollar_rowhouses_still_hot/7528
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