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.
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.
- Home Price Watch: A Tale of Two Markets in Palisades
- Why North Cleveland Park Is One of DC’s Hottest Housing Markets
- The Effects of the Chronically Low Housing Supply in AU Park
- Home Sales Increase 50 Percent in Bloomingdale as Supply Dives
- Home Price Watch: The High Volume Market of Columbia Heights
- Logan Circle Market on Cruise Control as Median Prices Approach $700,000
- Higher Prices, More Competition: The True Heat of the Anacostia Housing Market
- Home Price Watch: A 10 Percent Increase in 16th Street Heights
- Home Price Watch: Prices Rise 21 Percent in Deanwood
- Georgetown Home Buyers Still Cash-Rich and Quick to Commit
- Home Price Watch: Homes Selling Fast in Eckington as Supply Increases
- The Mount Pleasant Housing Market Steps on the Gas
- Home Price Watch: Takoma Park Prices Rise 20 Percent
- Home Price Watch: The Fast-Moving Market in Petworth
This article originally published at http://dc.urbanturf.com/articles/blog/the_30_price_increase_in_dcs_colonial_village/11911
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