Home Price Watch: LeDroit Park, Where the Market is Stabilizing
In this week’s Home Price Watch, we turn our attention to LeDroit Park, where the home market has essentially stabilized.
LeDroit is a cozy neighborhood adjacent to Bloomingdale that’s bounded by Florida and Rhode Island Avenues to the south, 2nd Street to the east, Howard University to the north, and Bohrer Street and Howard University Hospital to the west.
The value of homes in the neighborhood has risen only slightly over the past year, according to data provided by RealEstate Business Intelligence (RBI). The segmented data from the real estate data firm shows a year-over-year snapshot in the advertised LeDroit Park subdivision between January-August 2013 and January-August 2014. The median price of a home rose just over 1 percent, from $608,500 to $615,000. Meanwhile, the amount of time homes spent on the market dropped slightly, from 40 days on average to 38.
That’s a big change from the wild growth LeDroit experienced between 2002 and 2012, when prices doubled.
Here are a few more takeaways from the data:
- Sellers have picked up on the slight price increases and are pricing their homes accordingly. The average list price for sold homes increased from 3.83 percent year-over-year, moving from $594,841 to $617,635. Buyers, in turn, increased bids slightly.
- 33 of the 55 homes sold so far this year sold in the first 20 days on the market.
- Most of the sales — 37 of them — were conventionally financed, meaning they were likely not purchased as flips or investment properties.
See other articles related to: home price watch, ledroit park, ledroit park market
This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_ledroit_park_where_the_market_is_stabilizing/9074.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro