Home Price Watch: Holding Steady—For Now—In Brookland and Michigan Park

  • February 25, 2013

by Shilpi Paul

Home Price Watch: Holding Steady -- For Now -- In Brookland and Michigan Park: Figure 1
A home for sale in 20017.

Since August 2012, UrbanTurf has been analyzing the home price data for zip codes around the region. A full rundown of those that we have covered is listed below.

This week, we examine 20017, which encompasses portions of Brookland and Michigan Park, among other neighborhoods. A relatively large zip code on the northeastern side of the city, 20017 is roughly bounded by Gallatin Street NE to the north, the District border and 16th Street on the east, Franklin Street NE to the south, and North Capitol Street to the west.

Home Price Watch: Holding Steady -- For Now -- In Brookland and Michigan Park: Figure 2

20017’s housing stock in the quiet, leafy area trends towards detached homes and townhouses, with only 14 condos being sold last year, compared to 64 townhouses and 59 detached homes.

The housing market seems to have remained relatively consistent over the last decade: there is no notable difference in the number of condos, townhouses or detached homes that sold in 2002, compared to 2012. As in many other parts of the city and country, prices peaked for all property types during the housing boom of 2007 and have fallen back to earth since.

The coming years may see an increase in the inventory of homes on the market in the zip code. Monroe Street Market, a $200 million project that will bring 718 residential units to the area, is currently under construction. 45 townhouses are planned for the project; compare that to the 64 townhouses sold in entire zip code last year.

Home Price Watch: Holding Steady -- For Now -- In Brookland and Michigan Park: Figure 3

This article is based on data provided by RealEstate Business Intelligence (RBI), a primary source of real estate data, analytics and business intelligence for real estate professionals with business interests in the Mid-Atlantic region.

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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_holding_steady_for_now_in_brookland_and_michgan_park/6698

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