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.
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.
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.
- Home Price Watch: Condo Heavy in Penn Quarter
- Home Price Watch: Steadily Increasing Prices in Takoma Park
- Home Price Watch: The Condo Heavy Market of 20005
- Home Price Watch: Steadily Increasing in Del Ray
- Home Price Watch: Rowhouses in the H Street Corridor Double in Price
- Home Price Watch: Homes Hot, Condos Not in Upper NW
- Home Price Watch: Low Prices in Woodridge and Langdon
- Home Price Watch: Potential for More in Southwest Waterfront
- Home Price Watch: Posh Houses and Affordable Condos in 20008
- Home Price Watch: Spending $1 Million is the Norm in Georgetown
- Home Price Watch: Flying Off the Market in 20009
- Home Price Watch: Doubling in a Decade in Bloomingdale and LeDroit
- Home Price Watch: Adjusting for Inflation in Chevy Chase DC
- Home Price Watch: The Last 10 Years on the Hill
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_peaking_in_2007_in_16th_street_heights/6574
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