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Home Price Watch: Homes Hot, Condos Not in Upper NW

by Shilpi Paul

Home Price Watch: Homes Hot, Condos Not in Upper NW: Figure 1
A home for sale in 20016

For the past few months, UrbanTurf has been sifting through DC housing price data from the last decade to find out exactly what has been happening in zip codes around the city, using numbers provided by RealEstate Business Intelligence (RBI). So far, we have covered almost ten zip codes, which are listed below.

This week we examine 20016, the zip code roughly bordered by the District’s western boundary, Reno Road and 34th Street NW, Garfield Street NW and the Potomac River. It’s home to neighborhoods including Cathedral Heights, Palisades, Spring Valley and Tenleytown.

Home Price Watch: Homes Hot, Condos Not in Upper NW: Figure 2

Because this zip code encompasses a relatively large swath of NW DC, a few different trends emerged.

First, on the high end, the market for detached homes and townhouses appears strong. The median home price in both categories is significantly higher in 2012 than it was in 2002 (albeit down from the market peak five years ago). Both property types also don’t tend to spend much time on the market either: townhouses spend a median of 8 days on the market so far this year, and detached homes are finding buyers in about 28 days, which is not bad considering their median home price is over $1 million.

The condo market in 20016, however, is a different story. Accounting for inflation, prices haven’t gone up very much in the last decade, while condos are staying on the market much longer: a median of 63 days this year, compared to 11 in 2002. The length that it is taking condos to sell parallels with sales so far in 2012: 167 so far compared with 235 in 2002.

Home Price Watch: Homes Hot, Condos Not in Upper NW: 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 https://dc.urbanturf.com/articles/blog/home_price_watch_homes_hot_condos_not_in_upper_nw/6157

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