How Condos and Co-ops Are Driving Home Price Appreciation in DC

• August 18th 2023

by UrbanTurf Staff

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As we approach the end of the summer, UrbanTurf is taking a look at the DC neighborhoods that have seen the highest home price appreciation so far in 2023. 

In the table below, we outline the ten neighborhoods with the largest increase in home values. In order to qualify, a neighborhood had to record at least 15 sales this year. UrbanTurf used advertised subdivision statistics from Bright MLS to compile the list.

Perhaps the most interesting thing about the table above is that condos and co-ops are the primary driver for the strong appreciation in many of the neighborhoods on the list.

While single-family homes contributed to the price appreciation in Wesley Heights, all of the increased value in Cathedral Heights, West End and Foggy Bottom were driven by the condo and co-op market. The sales volume in Observatory Circle, Shaw and Cleveland Park was also largely condos and co-ops. 

This isn't to say that markets with single-family homes aren't also seeing good appreciation. Burleith, Woodley Park and Spring Valley all saw prices rise by double-digit percentages this year, with Spring Valley continuing to have the highest home prices in the city. 

Photo Courtesy of HomeVisit.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/how_condos_and_co-ops_are_driving_home_price_appreciation_in_dc/21371.