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Home Price Watch: Steady in Southwest Waterfront

  • September 23, 2013

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

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