The DC Neighborhoods with the Best Price Appreciation in 2014

by Lark Turner

In 2014, home prices rose in a number of DC neighborhoods. Using legal subdivision data provided by RealEstate Business Intelligence (RBI), UrbanTurf dug into the neighborhoods where median sales prices rose the most between the first ten months of 2013 and the same period this year. We omitted neighborhoods with very low sales volume.

Here are the top 10:

A rowhouse in the Southwest Waterfront

10. Southwest Waterfront

Median sales prices on the Southwest Waterfront, where ground broke on the massive Wharf redevelopment this year, rose 12.5 percent, moving from $262,000 last year to $294,856 during the same period in 2014. Homes were quicker to sell in 2014, too; the average time a home spent on the market dropped 44 percent, from 34 days to 19. The vast majority of the homes sold were condos or co-ops, and most buyers purchased homes with conventional financing.

An under-contract home in Cleveland Park.

9. Cleveland Park

Cleveland Park’s median sales price rose 13.9 percent, moving from $377,000 last year to $429,500 this year. Homes spent 31 days on the market in 2014, compared to 37 days last year.Of the 114 units sold this year, 79 were condos or co-ops. Bigger homes sold in the neighborhood, too; 26 of the sales were homes with four or more bedrooms.

A multi-million dollar home on the market in Spring Valley.

8. Spring Valley

This tony neighborhood has a high buy-in price; it takes more than $1 million for the average buyer to live in Spring Valley. That price rose higher this year, moving from $1,367,500 in 2013 to $1,567,500 in 2014, an increase of 14.6 percent. Almost all of the homes sold in the neighborhood were detached houses with four or more bedrooms. 46 homes sold this year in the neighborhood compared to 28 last year. That likely contributed to the increase in the average number of days homes spent on the market, which rose to 65 days from 34 last year.


7. LeDroit Park

Prices rose 17.3 percent in LeDroit Park, increasing from $550,000 last year to $645,000 during the same time period this year. Days on market also dropped from 38 to 30. Though most of the sales were conventional, a handful were all-cash transactions, indicating that there were still some investor opportunities in the rapidly appreciating neighborhood.

Duplexes in Deanwood

6. Deanwood

Deanwood’s median sales prices were low last year, at $169,500, and have risen appreciably in 2014. The median sales price is now up to $200,000, an 18 percent increase. More homes sold in the neighborhood this year than last, and the average time homes spent on the market decreased considerably, moving from 81 to 47 days. The sales were a mix of FHA, conventional and cash transactions.

A renovated home on the market in Riggs Park.

5. Riggs Park

Homes in Riggs Park, a small neighborhood north of Michigan Park near the border with Maryland, rose about 18 percent in 2014 as well. Prices moved from $285,000 to $336,500. Sales in the neighborhood saw a big jump in 2014, from 47 last year to 78 this year, but in spite of that increased inventory, the number of days homes spent on the market dropped from 41 to 25.

The view from a Palisades home that sold this spring.

4. Palisades

The buy-in price for the Palisades nearly eclipsed $1 million this year. Home prices rose 20 percent, moving from $816,425 to $980,000. In the meantime, listings on the market sold quicker; homes spent an average of 47 days on the market, down from 75 last year.

A home in Garfield that sold earlier this year.

3. Garfield

Homes in Garfield, a small neighborhood near Woodley Park and just west of the National Zoo, rose about 27 percent this year, moving from $421,500 to $535,000. Oddly, the average days homes spent on the market increased considerably, from 25 to 42, in spite of the price increase in the neighborhood. 35 of the 49 homes sold were condos or co-ops.

A two-bedroom on the market in Wakefield.

2. Wakefield

Prices in Wakefield, a small neighborhood near Van Ness, rose a surprising 30 percent this year, up to $475,000 from $365,500 in 2013, though the average number of days homes in the neighborhood spent on the market rose from 31 to 44. The vast majority of the neighborhood’s sales were condos or co-ops.

A home sold this year in Hillcrest.

1. Hillcrest

Homes in Hillcrest rose a surprising 36.5 percent in 2014, making it the stand-out neighborhood for price appreciation this year. Prices rose from $241,700 in 2013 to $330,000 in 2014. Days on market dropped from 51 to 40 even with a slight uptick in homes sold (up to 62 from 54).

See other articles related to: price appreciation

This article originally published at https://dc.urbanturf.com/articles/blog/the_neighborhoods_with_the_best_price_appreciation_in_2014/9303

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