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Home Price Watch: Steadily Increasing in Del Ray

  • October 31, 2012

by Shilpi Paul

Home Price Watch: Steadily Increasing in Del Ray: Figure 1
View from a porch in Del Ray

For the past few months, UrbanTurf has been sifting through DC area 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). So far, we have covered ten zip codes, which are listed below.

This week we examined 22301, the Virginia zip code roughly bordered by Potomac Avenue on the east, King Street and Russell Road on the West, and Hume Avenue on the north, which includes the neighborhood of Del Ray.

Home Price Watch: Steadily Increasing in Del Ray: Figure 2

The housing market for 22301 is dominated by townhouses and detached homes, and both sectors have remained quite strong over the last decade. For examples, the median sales price for townhouses has risen 41 percent since 2002, with homes staying on the market for just about a week. Detached homes, like the Del Ray bungalow pictured above, have shown a 21 percent price increase in ten years and currently spend a median of 20 days on the market.

In contrast to a number of DC zip codes, condos make up just a tiny segment of the housing stock in 22301; only a handful have sold in each of the years analyzed. While the condo market is very small, their prices have risen consistently. In ten years, the median price has more than doubled, going from $80,000 to $255,475.

Home Price Watch: Steadily Increasing in Del Ray: Figure 3

This article is based on data provided by RealEstate Business Intelligence (RBI), a primary source of real estate data, analytics and business intelligence for real estate professionals with business interests in the Mid-Atlantic region.

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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_steadily_increasing_prices_in_del_ray/6220

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