Home Price Watch: Selling in Under Ten Days in Del Ray

• October 21st 2013

by Shilpi Paul

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In Home Price Watch, UrbanTurf analyzes the housing markets in various zip codes around the DC area using numbers provided by RealEstate Business Intelligence (RBI).

This week we examined 22301, the Virginia zip code roughly bordered by Potomac Avenue on the east, King Street and Russell Road on the west, and Hume Avenue on the north, which includes the neighborhood of Del Ray.

Last year, we noted the increasing strength of the townhouse and detached home markets over the last decade. For example, the median sales price for townhouses rose 41 percent between 2002 and 2012, and detached homes showed a 21 percent price increase.

This year, the big jump was in the category of condos. Though they make up just a tiny segment of the housing stock in 22301, they became much more popular this year, selling in a median of just 6 days for a median sale price of $392,500, a whopping 60 percent price increase since last year, and almost quadruple the price in 2002.

Prices rose in all categories. In the dominant detached home arena, where 102 homes have sold so far this year, the median sale price rose from $679,000 in 2012 to $754,500 so far this year, an 11 percent increase. Townhouses also jumped up in price by 7 percent, from $521,250 to $558,000.

Homes sold very quickly in all categories: the median days-on-market was less than ten across the board.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_price_watch_selling_in_under_ten_days_in_del_ray/7713.