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

  • January 28, 2013

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 http://dc.urbanturf.com/articles/blog/home_price_watch_peaking_in_2007_in_16th_street_heights/6574

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