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