Home Price Watch: Prices in 16th Street Heights Jump 22 Percent

• July 2nd 2014

by Lark Turner

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In this week’s Home Price Watch, UrbanTurf looks at 16th Street Heights, where median prices leapt 22 percent between 2013 and 2014. We used segmented data from real estate data firm RealEstate Business Intelligence (RBI), which reflects a year-over-year snapshot in the advertised 16th Street Heights subdivision between January-May 2013 and January-May 2014.

The neighborhood sits between Petworth and Brightwood in northwest DC, and business is booming this year. To quickly summarize: More houses are being sold for more money in less time.

The biggest takeaways from the data:

• Sellers are getting more for their money. Median prices rose 22 percent to $641,500, up from $527,000 at this time last year.
• Units are spending less time on the market, about 60 days on average. That’s down from last year’s 72 days, but is still relatively lengthy and reflects a changing market.
• Sellers know they can get more for their homes, and they’re pricing accordingly. The average list price for a sold house in the neighborhood jumped more than $100,000 between 2013 and 2014, from $513,788 to $619,943.
• 16th Street Heights is one of the only neighborhoods we’ve seen where the median sales price is in line with the average sales price. The average sold price was 22 percent, too. That means one or two big sales haven’t impacted the data.

Of the neighborhoods we’ve looked at so far this year, a 22 percent jump in the median sales price is the most dramatic. Nearby Columbia Heights saw a 14 percent increase, while Bloomingdale jumped 17 percent. More established Capitol Hill saw a 9 percent increase in prices. 16th Street’s price growth bests them all.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_price_watch_prices_in_16th_street_heights_jump_20_percent/8690.