It likely won’t come as a surprise to many UrbanTurf readers that the real estate market in the U Street Corridor had a pretty good year.
Overall sales volume for the neighborhood more than doubled from $12.29 million to $28.89 million in 2015. The number of listings that sold, virtually all condos and co-ops, increased from 22 units in 2014 to 47 units this year.
The median sales price for the area stayed about the same, rising just three percent to $614,865. While prices didn’t move much, homes in the neighborhood flew off the market: 70 percent of listings sold within the first ten days of hitting the market in 2015.
A few more takeaways from the data:
- The average sales price to original list price ratio sits just above 100 percent, suggesting that homes are selling at or above asking.
- Just five of the 47 sales in the neighborhood this year were not condos or co-ops.
- No home in the neighborhood that sold in 2015 was listed for longer than four months.
For the purposes of this article, UrbanTurf defines the U Street Corridor as east of 16th Street NW, west of 8th Street NW, north of T Street and south of V Street.
- Home Price Watch: Forest Hills Remains a Tale of Two Markets
- Home Price Watch: Home Sales Shoot Up in Glover Park
- Home Price Watch: Up and Down in Hillcrest
- Home Price Watch: The Hot Market in Crestwood
- Home Price Watch: A Look at Spring Valley
- Home Price Watch: Prices Rise 16 Percent in Dupont Circle
- Home Price Watch: Up In Michigan Park
- Home Price Watch: The Neighborhood Where You Will Pay Above Asking
- Home Price Watch: The 35 Percent Increase in Anacostia
- Home Price Watch: A Good Year for AU Park
- Home Price Watch: Woodridge Prices Shoot Up 20 Percent
- Home Price Watch: The Very Fast Moving Market of Logan Circle
- Home Price Watch: Home Prices in LeDroit Park Increase 14 Percent
- Home Price Watch: Prices Edge up Slightly in Palisades
- Home Price Watch: Prices Jump 13 Percent in Brightwood
- Home Price Watch: Trinidad, Where Prices Jumped 7 Percent
- Home Price Watch: Eckington, Where Median Prices Jumped 19 Percent
- Home Price Watch: The Very Active Housing Market in Columbia Heights
- Home Price Watch: Cash is King in Georgetown
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_u_streets_seeing_double/10677
Most Popular... This Week • Last 30 Days • Ever
This week's Best New Listings includes a bright one-bedroom in Bloomingdale and a Med... read »
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
Just a month after setting a new high in March, the value of a house in DC skyrockete... read »
The National Capital Planning Commission will consider approval of the final master p... read »
A look around DC to see where home sellers are dropping their prices.... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro