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.
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.
- 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_woodridge_market_on_the_rise/10229
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