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Home Price Watch: Steady in Southwest Waterfront

by Shilpi Paul

Home Price Watch: Steady in Southwest Waterfront: Figure 1
Rendering of The Wharf, which will drastically alter Southwest DC’s housing stock.

A few weeks ago, UrbanTurf restarted its semi-regular feature, Home Price Watch, where we analyze the housing markets in various zip codes around the DC area using numbers provided by RealEstate Business Intelligence (RBI).

This week, we are examining the zip code of 20024. 20024 is roughly bordered by the Potomac and Anacostia Rivers, South Capitol Street, and Independence Avenue. It’s home to portions of the Southwest Waterfront neighborhood.

Last year, we noted that the housing market in 20024 was dominated by condos and co-ops, with fewer than 10 townhomes and detached houses selling in the same amount of time that 140 condos/co-ops sold. The condos and co-ops were also affordable in comparison to other DC zip codes, with a median sale price of $250,000.

Home Price Watch: Steady in Southwest Waterfront: Figure 2

This year, the prices in 20024 have remained constant. Co-ops and condos sold at a median sale price of $255,500, essentially unchanged in comparison to last year. There was more sales activity, however: the number of condos and co-ops sold in 2013 versus 2012 increased, from 111 to 140, and the median of days on the market dropped.

There was some variation in the prices of townhomes and detached homes. This year so far, the three detached homes have sold at a median of $349,000, an increase of about $90,000 in comparison to last year, and the six townhomes sold at a median that was $100,000 less than it was in 2012. With medians based on such a low number of homes, its difficult to draw conclusions about the trends indicated by these swings.

With the future development of The Wharf, Southwest Waterfront will have a slew of new housing options within a few years, and the market will likely look very different.

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See other articles related to: southwest waterfront, home price watch, 20024

This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_steady_prices_in_southwest_waterfront/7589

5 Comments

  1. swester said at 9:30 pm on Monday September 23, 2013:
    I love Waterfront, but the development process has been downright glacial. In 10 years, though, this'll be one of DC's finest neighborhoods. Much better than the ghastly, unwelcoming Navy Yard/Capitol Waterfront/whatever they're calling it.
  1. 20011 said at 3:05 pm on Tuesday September 24, 2013:
    Completely agree with SWester. SW is so far superior to Near SE it's not even close.
  1. 202_cyclist said at 3:30 pm on Tuesday September 24, 2013:
    What will happen to King Ribs during the Wharf development? I completely support this redevelopment but I hope it doesn't mean that we'll lose King Ribs.
  1. sbc said at 4:05 pm on Tuesday September 24, 2013:
    This article leaves out condo and co-op fees--if the sale price is the same over time but the fees go up 50%, that is really relevant. Also, there are several hundred townhouses in the area that are in condo or co-op developments. Unclear which table they're categorized in.
  1. SW, DC said at 4:10 pm on Tuesday September 24, 2013:
    @swester and 20011 - I live in SW, and let me just say, thus far - amenities wise - Near SE is actually better. Sure SW has a nice, quaint, neighborhood feel, but in terms of development and cool public spaces, Near SE is kicking our ass. With all that being said, I think that it's a shame there has to be a one vs the other attitude. To me, they are all the same neighborhood, and the better Near SE does, the better SW will be and vice-versa. Hopefully Buzzard Point and other neighborhoods can help to tie it all in to one waterfront (we can even connect to Gtown)

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