Home Price Watch: Climbing on Capitol Hill and Hill East

• August 5th 2013

by UrbanTurf Staff

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Last week, UrbanTurf brought back Home Price Watch, a feature where we analyze the housing markets in various zip codes around the DC area.

This week, we are examining the 20003 zip code. Roughly speaking, 20003 is bordered on the north by East Capitol Street, on the west by South Capitol Street, and to the south and east by the Anacostia River. It includes portions of Capitol Hill, Hill East, and the Navy Yard neighborhoods.

When we looked at the zip code last year, we noted the large jump in home prices between 2002 and 2007 and a bit of a leveling off over the last five years. We also noted the tripling in the number of sold condos between 2002 and 2012.

Over the last 12 months, prices for townhouses, the dominant housing type in 20003, have picked back up again. The median price for this property segment has risen from $637,000 to about $712,250 or approximately 12 percent.

Continuing the trend of an increase in condo sales over the years, 87 units have sold so far this year, compared to 73 at this point in 2012. The number of condos sold in 2013 is almost four times as many as 2002.

The final interesting metric from the table above is days on market. As buyers are well aware, homes are currently selling at a rapid pace compared with years past and that is illustrated in the days on market statistics for condos and townhouses in 20003. Townhouses are selling twice as fast this year compared with 2012, while condos are selling more than three times as quickly.

This article is based on data from RealEstate Business Intelligence (RBI), a developer of real estate technology and information in the DC area.

This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_prices_keep_climbing_in_capitol_hill_and_hill_east/7414.