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Home Price Watch: Potential for More in Southwest Waterfront

  • October 1st 2012

by Shilpi Paul

Home Price Watch: Potential for More in Southwest Waterfront: Figure 1
A Row House in the Southwest Waterfront

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). The full run of zip codes that we have covered are listed below.

This week, we are examining the zip code of 20024. 20024 is roughly bordered by the Potomac and Anacostia Rivers, South Capitol Street, and Independence Avenue. It’s home to portions of the Southwest Waterfront neighborhood.

Home Price Watch: Potential for More in Southwest Waterfront: Figure 2

With the future development of The Wharf, Southwest Waterfront will have a slew of new housing options within a few years. However, the market right now is fairly tight for anything other than condos/co-ops, the dominant property type for the zip code. Less than 10 townhomes and detached houses have sold so far this year. The two detached homes that came on the market found buyers almost instantly; for townhomes, the median number of days on the market came in at just 11.

Frankly, this isn’t territory for the single-family home buyer, and as mentioned, condos and co-ops make up the vast majority of housing options. While unit prices are not quite as low as they were a decade ago (but lower than at the 2007 peak), the current median price of $250,000 is likely still affordable to many. Just be wary that the co-ops in the area can have some pretty high monthly maintenance fees.

Home Price Watch: Potential for More in Southwest Waterfront: 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_potential_for_more_in_southwest_waterfront/6096.

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