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Home Price Watch: Peaking in 2007 in 16th Street Heights

by Shilpi Paul

Home Price Watch: Peaking in 2007 in 16th Street Heights: Figure 1
Petworth condo building

Over the past several months, UrbanTurf has been analyzing the home price data for a number of zip codes around the region. A full rundown of those that we have covered is listed below.

This week, we examine 20011, a zip code that encompasses portions of Crestwood, Petworth, Brightwood and 16th Street Heights. It is roughly bounded by the District border on the east, Quincy Street NW on the south, Rock Creek Park on the west and Tuckerman Street NW on the north.

Home Price Watch: Peaking in 2007 in 16th Street Heights: Figure 2

In every property category that we examined — condos, townhouses and detached homes — median prices approximately doubled between 2002 and 2007. Townhouses went from a median sale price of $183,000 to $395,300, detached homes from $310,000 to $679,000. By 2012, prices had dropped in every category.

Another notable trend is the more than fivefold increase in the number of condos sold between 2002 and 2012. Ten years ago, only 18 condos sold in 20011. In 2012, 104 sold over the course of the year. The complete transformation of the condo market is also seen in the prices: in 2002, the few condos available sold at a median price of $50,000, which seems staggering low now. Last year, the median was $206,250.

Home Price Watch: Peaking in 2007 in 16th Street Heights: 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_peaking_in_2007_in_16th_street_heights/6574

4 Comments

  1. James said at 2:08 am on Tuesday January 29, 2013:
    The median number of days for homes on the market in 2002 was really 0? I know it was a hot market then, but that doesn't seem quite right. Would be interested to see the data between 2007 and now too. Are prices trending down, trending back up or stagnant?
  1. Shilpi said at 2:43 am on Tuesday January 29, 2013:
    James, Thanks for the comment. You are right -- that was a typo. It was actually 13. We are correcting the chart. Shilpi
  1. Petworth Res said at 4:18 pm on Tuesday January 29, 2013:
    I’m pretty sure this area is not bounded by “the District border on the east”. Maybe North Capitol?
  1. SL said at 7:16 pm on Tuesday January 29, 2013:
    This zip code encompasses a huge range of home sizes, prices and home styles. I think you would find that many of the closer-to-metro sections of this zipcode have shown increasing prices over time. I also think homes in good conditions show increasing prices as well. I bought in Petworth in 2005 and noticed then that houses that were basically shells were listed/sold in the low 300s, and the most expensive homes were about $500K. Today shells will sell for as low as the 100s, whereas totally renovated Petworth homes are selling for 600-650K. There are a huge number of fixer uppers being bought and flipped by developers.

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