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Home Price Watch: Woodridge Prices Shoot Up 20 Percent

  • August 12, 2015

by Tianna Mañón

Home Price Watch: Woodridge Prices Shoot Up 20 Percent: Figure 1
The backyard of a home in Woodridge.

UrbanTurf has been a big advocate of the Woodridge neighborhood, largely due to its attractive yet affordable homes, at least by DC standards. Now it seems the affordability factor may be diminishing.

The neighborhood, sandwiched between Brookland and Mount Rainier, has seen home prices and sales shoot up in the last 12 months, reflecting its transition from a little known neighborhood on the edge of DC to one that budget conscious buyers have flocked to.

The median sales price for homes in the neighborhood rose 20.5 percent, from $399,900 to $482,000, between 2014 and 2015. The number of homes sold in 2015 jumped almost 25 percent and the total sales volume sits at $34 million, a 47 percent increase over last year.

Home Price Watch: Woodridge Prices Shoot Up 20 Percent: Figure 2
 Click to enlarge.

A few more highlights on the Woodridge market this year:

  • 55 of the 71 sales in 2015 were conventionally financed or financed through the FHA, an indication that most of the buyers are owner-occupants.
  • Sixty of the 71 homes sold in 2015 were three- and four-bedroom properties.

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

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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_woodridge_market_on_the_rise/10229

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