Home Price Watch: Prices Rise 20% in Bloomingdale

• April 21st 2014

by Lark Turner

✉️ Want to forward this article? Click here.

Last week UrbanTurf began using new data from RealEstate Business Intelligence (RBI) to look at the real estate market in specific DC area neighborhoods. First up was Capitol Hill, where low inventory made for lower sales volume and rising prices.

This week we take a look at data specific to the Bloomingdale neighborhood. It should be noted that Bloomingdale covers a much smaller area than Capitol Hill, which means that a 50 percent increase in sales year-over-year translates to 15 homes selling so far in 2014, compared to ten at this time last year.

Bloomingdale is roughly bounded by Michigan Avenue to the north, Florida Avenue to the south, 2nd Street to the west, and North Capitol Street to the east.

Data from the 2014 RBI report for Bloomingdale reveals that the neighborhood housing market is quite hot compared to last year. Here are some highlights:

• Sales volume went up dramatically in Bloomingdale in 2014. Total home sales so far this year come in at $8.4 million, compared to about $4.6 million last year, an 80 percent increase. As noted above, 15 homes have sold so far in 2014 versus ten at this point last year.
• The average sales price in the neighborhood rose to $556,928 in 2014 from $462,830 last year, a 20 percent increase. The median sales price also rose by approximately 15 percent.
• The average time that homes spent on the market dropped from 56 days in 2013 to 29 days in 2014.
• As on Capitol Hill, sellers believe they can get more for their homes this year, as list prices rose 22 percent.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_price_watch_bloomingdale/8383.