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In my recent Good Deal or Not Revisited (GDoN-R) post I described how some areas of the District of Columbia are experiencing a rapid revival due to an availability of raw product (un-renovated houses) for builders, and buyer demand for the finished renovated houses. The data for September 2012 for Washington, DC, newly released by Real Estate Business Intelligence, a subsidiary of MRIS (the multiple listing system for the area), backs up what I am experiencing as a broker working with clients every day.
Specifically, what is interesting are locations with some of the most significant gains in median prices. For example, the Woodridge neighborhood, which is on the eastern edge of the northeast quadrant of the city and has a large number of solid brick detached single family houses, saw a 75.96% increase in median price when comparing September 2012 to September 2011. Similarly, Colonial Village & Takoma DC (at the northern edge of the city) experienced a 71.77% year over year increase in median prices. The neighborhood profiled in the GDoN-R post, which is in zip code 20002 and is sometimes referred to as “East Capitol Hill”, shows a 52.87% increase in year over year median prices. Brookland, which is located in the northeast quadrant of the city, had a 26.4% increase in year over year median prices.
It is useful to note that in some cases, although prices have gone up in relation to prices in that particular location, these neighborhoods can still tend to be priced lower compared to other hot markets in the District.
I bought in Brookland in October 2011. Since then, I have noticed that house are snapped up in days or weeks, and at prices that seem to surprise long time residents of the neighborhood. I have to think that the coming of increased retail to area with the opening of Monroe St Market sometime in the next two years will only help.
Hi Rob, Thanks for your comment.
This post regarding days on market also has data that shows what a hot market Brookland is.