In 2015, home prices rose in a number of DC neighborhoods. As the year comes to a close, UrbanTurf dug into the neighborhoods where median sales prices rose the most between the first eleven months of 2014 and the same period this year. We omitted neighborhoods with very low sales volume.
Here are the top 5:
The Kent neighborhood in DC is a small area adjacent to the Palisades with high-priced, large homes. The median sales price for the neighborhood increased from $1.1 million in 2014 to $1.4 million in 2015, a 24 percent jump. Part of the reason for such a high median price is that 77 percent of the homes sold were four-bedroom listings or larger (not to mention that this isn’t an inexpensive place to buy a home). Despite the high prices, 30 percent of the homes sold this year were all-cash transactions.
Home prices in Shaw jumped 25.2 percent in 2015, from $670,000 to $839,000. A closer look at the price data shows that the average price for condos jumped 31 percent, and that prices for three-bedroom row houses rose 29 percent. The average sale price to original list price ratio in the neighborhood was 103 percent in 2015, which means that buyers were likely prepared to pay above asking in the neighborhood.
While home prices are notably lower in Anacostia than the two neighborhoods above, the price increase in the neighborhood was still significant. Prices rose 26.6 percent in 2015, from $208,500 to $264,012. Homes also are selling a lot quicker than in 2014 — the average days on market dropped 42 percent this year.
2. West End
DC’s West End neighborhood brings to mind high-end condos, specifically the units at the Ritz-Carlton. This year, median prices in the neighborhood sandwiched between Dupont Circle and Georgetown rose 30 percent, an increase of just over $200,000. While the median sales price for the neighborhood was $880,000, the average list price was $1.18 million, a price point that buyer likely associate a bit more with the area.
1. Congress Heights
The DC neighborhood with the highest price appreciation in 2015 was Congress Heights. Median sales prices in the Ward 8 neighborhood rose a whopping 37 percent, from $155,000 to $212,000. Congress Heights also had the highest sales volume of any neighborhood on this list as 110 homes sold there this year. The high level of investor interest can be seen in the statistic that 35 percent of the homes sold this year were all-cash deals.
Data for this article came from the RealEstate Business Intelligence databases.
This article originally published at http://dc.urbanturf.com/articles/blog/the_dc_neighborhoods_with_the_best_price_appreciation_in_20151/10691
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