Home Price Watch: The Cost of Georgetown

• August 14th 2014

by UrbanTurf Staff

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In this week’s Home Price Watch, UrbanTurf takes aim at Georgetown, where median home prices average seven figures and homes are selling much quicker (by Georgetown standards) than 2013. In examining the neighborhood’s market, UrbanTurf used segmented data from real estate data firm RealEstate Business Intelligence (RBI), which shows a year-over-year snapshot in the legal Georgetown subdivision between January-July 2013 and January-July 2014.

Georgetown is roughly bounded by the Potomac River, Rock Creek Parkway, the northern edges of Montrose and Dumbarton Oaks parks, 35th Street, Reservoir Road, and the western border of Georgetown University.

Georgetown is a prohibitively expensive neighborhood for most homebuyers in the city, and that reality is evidenced by the neighborhood’s home prices. The median sales price in 2014 is $1.115 million and the average price is notably higher at $1.588 million. Those metrics increased 6 percent and 12.3 percent, respectively, since last year. The increase in prices has not done much to dampen sales, though. 144 homes have sold so far in 2014, a 7.5 percent increase over 2013.

A few more takeaways from the Georgetown data:

• On average, homes are spending much less time on the market in 2014. Days on market went from 89 in 2013 to 68 this year.
• Of the 144 homes sold this year, 49 were all-cash deals.
• If you are in the market for a detached home in Georgetown, expect to pay some of the highest prices in the city. The average price for this property segment is $3.89 million.

Check out the other neighborhoods we’ve covered in Home Price Watch here.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_price_watch_the_cost_of_georgetown/8870.