Home | Newsletter | Advertise
loading...

Home Price Watch: Prices Jump 50% on the Hill

  • April 25, 2017

by Nena Perry-Brown

Home Price Watch: Prices Jump 50% on the Hill: Figure 1
A home that recently went under contract on Capitol Hill.

For this year’s first edition of Home Price Watch, UrbanTurf is turning its eye to the market on Capitol Hill, which is already having a very robust year.

The biggest indicators of the state of the market on the Hill are sales volume, which has far outstripped the first few months of 2016, and a skyrocketing increase in median sales price.

Seventy-five percent more listings have sold thus far this year in the neighborhood than during the same time in 2016. With such a jump in the number of units sold, it’s no wonder that the dollar volume of homes sold during the first three months of the year is 169.5 percent greater than the dollar volume of those sold between January and March 2016.

Home prices followed the trajectory of sales volume. The median price in the neighborhood shot up more than 50% in a year’s time — jumping from $722,000 to over $1 million. The price increase can largely be attributed to an increase in prices for 3- and 4-bedroom+ attached townhomes, which now carry average prices of $1.1 million and $1.6 million, respectively.

In March, there was a 1.54-months of supply of listings on the market on Capitol Hill — slightly more than the 1.15 months in March 2016. The increase in supply may be attributable to boutique developments delivering, although homeowners in the area may also be taking advantage of the appreciation in home prices to put their houses on the market.

Housing data for the legal subdivision of Capitol Hill for this article was provided by RealEstate Business Intelligence. The Capitol Hill neighborhood is roughly bounded by the Capitol precinct to the west, F Street NE to the north, 13th Street to the east, and 695 to the south.

Similar Posts:

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_prices_jump_50_on_the_hill/12491

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. Visit guides.urbanturf.com or start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse