Home Price Watch: Spending $1 Million is the Norm in Georgetown

  • September 17th 2012

by Shilpi Paul

Home Price Watch: Spending $1 Million is the Norm in Georgetown: Figure 1
Houses in 20007

Last month, UrbanTurf began sifting through 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).

We started by looking at 20001, a transforming zip code (Bloomingdale, LeDroit Park and Shaw) that saw home prices double over the previous decade and a tenfold increase in the number of condos on the market. Then we took a look at 20015, the relatively stable area that covers Chevy Chase DC and 20003, which covers Capitol Hill and Hill East. Most recently, we looked at 20009, the zip code that encompasses portions of Columbia Heights, Logan Circle and sections of the U Street Corridor, among other areas.

This week, we are examining the zip code of 20007. Roughly speaking, the zip code is bounded by the Potomac River on the south, Rock Creek Park/Observatory Circle on the east, Garfield Street NW to the north and a western border that cuts right down the middle of Battery Kemble Park to the Potomac. Portions of Burleith, Glover Park, Foxhall, Georgetown and Massachusetts Avenue Heights are in this zip code.

Home Price Watch: Spending $1 Million is the Norm in Georgetown: Figure 2

For readers who have been used to the lower-priced areas we have been covering, the prices in 20007 will deliver some sticker shock. The median sales price for the 141 townhomes sold so far in 2012 is $1 million; for the 61 detached homes that have sold, it is $1.5 million.

Unlike other areas where home prices now hover at or below where they did at the height of the housing boom in 2007, the chart above shows that prices in 20007 have been rising steadily over the past decade for the detached home and townhouse categories, while falling slightly for condos between 2007 and 2012. Despite the high prices, Georgetown townhouses are still a hot commodity as indicated by the relatively-low median days on market of 29.

The 20007 zip code further separates itself from other areas in the condo category. While condo sales have generally increased across DC between 2007 and 2012, they have fallen by about a third (from 154 to 107) in 20007 during that time. Still, the current median price of $399,000, seems low given the tony zip code.

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

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This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_spending_1_million_in_georgetown/6034.

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