A renovated home in Trinidad.
UrbanTurf recently decided to take a look at how much home prices have risen in select DC neighborhoods over the last five years. To do so, we used median sales price data from RealEstate Business Intelligence for certain advertised subdivisions. We compared data for all of 2009 with 2014 data for the same set of neighborhoods.
The results are dramatic:
A lot can be gleaned from the statistics in the chart above, but here are a few takeaways from our analysis:
- The most startling jump in median sales price, at approximately 143 percent, belongs to Trinidad. The neighborhood north of H Street, infamous for its police checkpoints as recently as 2008, has seen median sales prices rise from $160,800 in 2009 to $390,500 last year.
- With the exception of Anacostia, the neighborhoods with the lowest price growth were generally the most established.
- Despite a good deal of focus on Historic Anacostia over the last few years by real estate watchers, the area’s prices have hardly moved, just beating out inflation.
- Georgetown is the only neighborhood featured where the median sales price eclipsed $1 million last year.
- The median sales price for LeDroit Park in 2014 may look high to some readers, but that is due to the fact twice as many rowhouses sold in the neighborhood last year compared to condos/co-ops.
- On the other hand, the Mount Pleasant median sales price for last year might look low, but that is for the opposite reason — twice as many condos/co-ops sold in 2014 compared to rowhouses, even though the neighborhood is known for the latter. The average sales price for three and four-bedroom homes in the neighborhood is in the $900,000 range.
We realize that only a handful of DC neighborhoods are included in the analysis, so if you want the five-year statistics for an area not featured, let us know in the comments and we will get back to you over the coming days.
This article originally published at http://dc.urbanturf.com/articles/blog/the_dramatic_five_year_jump_in_dc_home_prices/9721
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