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Home Price Watch: Growing Condo Market and Rising Prices in Takoma Park

by Shilpi Paul

Home Price Watch: Growing Condo Market and Rising Prices in Takoma Park: Figure 1
Home on Houston Avenue. Amanda Abrams.

In Home Price Watch, UrbanTurf analyzes the housing markets in various zip codes around the DC area using numbers provided by RealEstate Business Intelligence (RBI).

This week, we examine 20912, the Maryland zip code which is made up almost entirely of the neighborhood of Takoma Park. It is bounded by the District border to the east and roughly by University Boulevard on the west, with jagged, irregular boundaries to the north and south.

20912’s housing market is dominated by detached homes. From Victorians to Craftsman bungalows to Cape Cods, Takoma Park’s leafy streets are ripe with family-sized houses.

Last year, we noted the strength of the detached home market, whose median sale price had risen from $285,000 to $410,000 in one decade. We also noted the sizable jump in the number of condos, from 12 selling in 2002 to 47 selling during the same time period in 2012.

Home Price Watch: Growing Condo Market and Rising Prices in Takoma Park: Figure 2

This year, prices in the detached home arena continued their upward trajectory. Though they didn’t quite meet the highs of 2007, the median sale price rose to $447,000. Likewise, the number of condos continues to grow; so far this year, 60 condos have sold in the area.

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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_growing_condo_market_and_rising_prices_in_takoma_park/7775

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