Home Price Watch: The 35 Percent Increase in Anacostia

by UrbanTurf Staff

An Anacostia home that was renovated a few years ago.

While sales volume is down, home prices have shot up in Anacostia during the first eight months of 2015.

In Home Price Watch this week, UrbanTurf heads over to the neighborhood just east of the Anacostia River where the median sales price for homes has risen 35 percent so far in 2015 when compared to last year. Specifically, median prices increased from $189,975 in 2014 to $257,000 this year.

The increase in prices comes as sales volume has dropped off notably. Only 24 homes have sold in the neighborhood so far in 2015, compared to 36 homes last year. All cash sales have also slowed down. Unlike last year, when the majority of residential real estate transactions in the neighborhood went to all-cash buyers, only seven homes this year have gone that route.

Click to enlarge.

Here are a few more takeaways from the data:

  • Homes are selling much faster in Anacostia in 2015. The average days on market metric for 2015 is 24, down from 52 days last year.
  • Just over half of the homes sold in the neighborhood this year did so in under 20 days.

UrbanTurf used data on the legal Anacostia subdivision from real estate data firm RealEstate Business Intelligence for this article.

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This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_the_35_percent_increase_in_anacostia/10307

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