A home on the market in Hillcrest.
In this week’s Home Price Watch, we’re checking out Hillcrest, where cash buyers are prevalent and prices have skyrocketed year-over-year, according to data from RealEstate Business Intelligence (RBI). Between 2013 and 2014, the median home price in the neighborhood jumped 35.44 percent, from $239,950 to $325,000. The segmented data used for this article shows a year-over-year snapshot in the legal Hillcrest subdivision between January-September 2013 and January-September 2014.
The neighborhood, which has been home to DC mayors and former presidential candidate Dennis Kucinich, is located east of the Anacostia River and just west of the Maryland border. It’s bounded by Pennsylvania Avenue to the northeast, Southern Avenue to the southeast and Naylor Road to the southwest.
The heat in Hillcrest’s market eclipses that of any other neighborhood we’ve looked at so far this year, including 16th Street Heights, which showed a 22 percent median price jump between January-May 2013 and January-May 2014. (For the period from January-September 2014, prices have risen 18 percent in 16th Street Heights.)
All indicators show a large growth in real estate investment in the neighborhood. Twenty-five percent more homes were sold this year than last. The amount of time homes were spending on the market dropped 22 percent, from 51 days to 40.
Here are a few more takeaways from the data:
- Investors are showing a high level of interest in Hillcrest. Of the 55 sales so far this year, 16 have been all-cash transactions.
- Given the climate in the neighborhood, list prices have overstepped demand. The average sold price to original list price ratio dropped by about 3 percent between this year and last. The average list price for sold properties is $301,430 in 2014, up from $241,459 last year. That’s an increase of 24.84 percent.
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_hillcrest_where_median_sales_prices_have_risen_35_percent/9143
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