Home Price Watch: The Buzz Along the Southwest Waterfront

• July 17th 2018

by Nena Perry-Brown

✉️ Want to forward this article? Click here.

In honor of DC hosting the MLB All-Star game at Nationals Park today, this installment of Home Price Watch focuses on the 20024 zip code, which largely encompasses the portion of Southwest DC that is west of the Anacostia River, a condominium-rich neighborhood that is one of the least expensive in the city. 

While 20024 doesn't include Nats Park, development is booming in the zip code immediately surrounding the baseball stadium and along the waterfront, which includes the first phase of The Wharf redevelopment as well as Buzzard Point, home to DC's new soccer stadium. 

While known as a zip code that offers relatively affordable housing, the first phase of The Wharf has added more luxury stock to the area, with ten condo units selling this year for over $1 million (one of which went for more than $2.5 million). Outside of this development, the majority of the housing stock in 20024 consists of older condo and co-op units, keeping purchasing in the neighborhood somewhat affordable (although monthly fees can tend to be high). The year-to-date median home price has actually gone down 5 percent compared to last year, sitting at $375,000 compared to $395,000 last June.

Prices aren't the only thing that dropped this year. Sales volume has also fallen off, with 103 homes selling in the first half of 2018 compared to 122 in the first half of 2017; 93 percent of those units were condos or co-ops. 

Note: SmartCharts, from which this data is culled, does not isolate data for the Navy Yard or Near Southeast subdivisions.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home-price-watch-fewer-homes-sell-in-buzzard-point-despite-development/14226.