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Home Price Watch: A 10 Percent Increase in 16th Street Heights

by Nena Perry-Brown

Home Price Watch: A 10 Percent Increase in 16th Street Heights: Figure 1
A home in 16th Street Heights.

UrbanTurf began 2016 with a look at how various neighborhood housing markets in the DC area fared over the past eight years. Now that we are past the mid-year mark, we have turned our attention to how these markets have performed this year compared to the first half of 2015.

For this week’s edition of Home Price Watch, we take a look at the 16th Street Heights subdivision, where the both home prices and home sales have increased since last year.

The median sales price for homes in 16th Street Heights increased by 10.6 percent between July 2015 and July 2016, a $70,000 bump. While dwellings have sold at higher prices, there has also been more turnover in the market — 55 units were sold through July of this year as compared to 47 by this time last year — an increase of 17 percent.

Home Price Watch: A 10 Percent Increase in 16th Street Heights: Figure 2
Click to enlarge.

Homes in 16th Street Heights are spending longer on the market this year than last — 38 days on average compared to 32 days through last July. This statistic may be more indicative of a few homes skewing the numbers, as roughly half of all units sold this year did so within ten days of hitting the market.

Higher sales prices and volume could be leading the average listing price in the neighborhood to go up, as it increased 16 percent, from $626,681 last year to $727,798 this year. However, the increased listing price has been coupled with homes this year selling for an average of 98.8 percent of the listing price rather than 99.4 percent during this same period last year.

Housing data for the legal subdivision of 16th Street Heights for this article was provided by RealEstate Business Intelligence.

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This article originally published at http://dc.urbanturf.com/articles/blog/hpw_16_percent_increase_listing_price_16th_street_hts/11562

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