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The 30% Home Price Increase in DC's Colonial Village
A home in Colonial Village.
Colonial Village is a DC neighborhood that most city residents would be hard pressed to find on a map. It is a small area of about 80 houses located at the northern tip of the DC diamond.
Despite its low-key reputation, median home prices have skyrocketed in the neighborhood in 2016, jumping from $828,000 to $1,067,500 or 29 percent in just a year’s time. Listing prices have followed suit, rising 33 percent to $1.162 million.
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The home sales are almost completely limited to detached, four-bedroom single-family houses; this property size and segment makes up approximately 85 percent of the residences sold in the neighborhood this year. While sales volume is never very high in Colonial Village, given the fact that there aren’t a lot of homes there, the marked increase in prices illustrates the growing popularity of the neighborhood.
Here are a couple other interesting data points on the neighborhood market:
- Homes are selling 27 percent faster than last year on average.
- Not one condo or co-op sold in the neighborhood this year.
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See other articles related to: colonial village, colonial village home prices
This article originally published at https://dc.urbanturf.com/articles/blog/the_30_price_increase_in_dcs_colonial_village/11911.
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