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Home Price Watch: The Last 10 Years on the Hill

by Shilpi Paul

Home Price Watch: The Last 10 Years on the Hill: Figure 1
Eastern Market

Earlier this month, UrbanTurf began sifting through 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).

We started by looking at 20001, a transforming zip code (Bloomingdale, LeDroit Park and Shaw) that saw home prices double over the previous decade and a tenfold increase in the number of condos on the market. Then we took a look at 20015, the relatively stable area that covers Chevy Chase DC.

This week, we are examining 20003. Roughly speaking, that zip code is bordered on the north by East Capitol Street, on the west by South Capitol Street, and to the south and east by the Anacostia River. It includes portions of Capitol Hill, Hill East, and the Navy Yard neighborhoods.

Home Price Watch: The Last 10 Years on the Hill: Figure 2

The change in home prices between 2002 and 2007 seems to reveal the big leap in the area’s popularity as well as the housing boom that occurred between 2002 and 2007. During those years, prices of townhouses — the dominant property type in 20003 — and detached homes jumped significantly. Between 2007 and 2012, however, townhouse prices fell slightly while prices for detached homes rose a bit.

Another interesting tidbit is the tripling of sold condos in 20003 over the last decade, and coinciding drop in number of townhouses. (Condo conversions, perhaps?) Coupled with the rise in number of condos sold, however, was a five-fold increase in the number of days that condos spend on the market.

This article is based on custom data provided to UrbanTurf by RealEstate Business Intelligence (RBI), a developer of real estate technology and information in the DC area.

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This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_the_last_10_years_on_the_hill/5933

4 Comments

  1. Ashley said at 7:04 pm on Tuesday August 21, 2012:
    I'd love some analysis on what these trends mean. 2007 - 2012 has been a difficult time in the real estate market. Can we expect prices to start rising again, or has this neighborhood hit its peak?
  1. Steph said at 7:16 pm on Tuesday August 21, 2012:
    @ Ashley, I would bet that the site does not want to speculate on what the trends mean for the future of home prices in a certain neighborhood, given the roller coaster ride since 2002. As a Capitol Hill homeowner for 5 years, I suspect that prices in Capitol Hill over the coming years will stay flat, but those in Hill East will continue to rise. Just my (relatively) uneducated opinion.
  1. Ashley said at 10:27 pm on Tuesday August 21, 2012:
    As a Hill East homeowner, I hope your prediction is true!
  1. anon said at 3:28 pm on Wednesday August 22, 2012:
    The condos primarily reflect new near Southest Waterfront high rise construction over the past decade. The historic district places inherent restrictions on building new residences of any kind, and especially those which maximize density, but more homes are being restored to single family dwellings and fewer chopped into apartments. I don't see the historic district as flat on price. Constrained supply and superior location will increase the premium qualified buyers are willing to pay. Unlike areas like Bloomingdale and Trinidad, there are less distressed properties on Hill East to realize major gains. Hill East growth rates will likely be similar to the Hill in general, albeit with lower prices.

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