Market Perspective: Neighborhoods with highest year over year median price increases

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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.

About Suzanne

Suzanne Des Marais is an Associate Real Estate Broker and founder of 10 Square Team, which is affiliated with Keller Williams Capital Properties. Suzanne is honored to be the 2014 President Elect of the 8000+ member Greater Capital Association of Realtor(r)s (GCAAR). She sits on the board of directors of the National Associatiion of Realtor(r)s (NAR) and is a member of the NAR Housing Opportunities Committee. Well known as "hipchickindc" for her weekly contributions to www.popville.com, she is frequently quoted by the media, including NBC News, The Washington Post, Washingtonian Magazine, and The Washington City Paper, for her expertise regarding the DC real estate market.
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2 Responses to Market Perspective: Neighborhoods with highest year over year median price increases

  1. Rob Merchant says:

    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.

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