Home Price Watch: Stable Inventory and Rising Prices in 20016

• October 7, 2013

by Shilpi Paul

A home currently on the market in 20016.

In Home Price Watch, UrbanTurf analyzes the housing markets in various zip codes around the DC area using numbers provided by RealEstate Business Intelligence (RBI).

This week we examine 20016, the zip code roughly bordered by the District’s western boundary, Reno Road and 34th Street NW, Garfield Street NW and the Potomac River. It’s home to neighborhoods including Cathedral Heights, Palisades, Spring Valley and Tenleytown.

This zip code encompasses a relatively large swath of NW DC, and a few different trends emerge. The market for detached homes and townhouses has been strong for years, with high prices and quick sales. The condos, however, are a different story. Last year, we noted that condos prices had barely risen in a decade, and stayed on the market for a relatively high median of 63 days in 2012.

This year, the popularity of the townhouses and detached homes has continued, with prices climbing in both categories. Detached homes now sell for a median of $1,117,500, overtaking the high prices of 2007.

Condos also gained a bit of traction this year. Prices rose slightly, though not quite meeting 2007 heights, and the median number of days on the market dropped significantly, from 63 last year to 22 so far in 2013.

For a look at home prices in other zip codes around the region, see below:

• Home Price Watch: A 28 Percent Increase in Woodridge and Langdon
• Home Price Watch: Steady in Southwest Waterfront
• Home Price Watch: Townhouse Prices Increase By 35 Percent in 20008
• Home Price Watch: 20007—DC’s Toniest Zip Code
• Home Price Watch: Townhomes Break $1 Million in 20009
• Home Price Watch: Rising 15 Percent a Year in Bloomingdale and LeDroit
• Home Price Watch: Climbing on Capitol Hill and Hill East

This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_stable_inventory_and_rising_prices_in_20016/7659