How Condos and Co-ops Are Driving Home Price Appreciation in DC
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.
story continues below
loading...story continues above
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.
See other articles related to: dc condo prices, dc home price appreciation, dc housing market, dc housing market trends, dc housing prices
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.
Most Popular... This Week • Last 30 Days • Ever
When Dan and Tanya Snyder couldn't sell their 30,000 square foot home , the former ow... read »
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
As plans for a street reconfiguration at the intersection of New York and Florida Ave... read »
The median price of a home in the region in April rose to $640,000, well above the pr... read »
The pricey plans that the UAE has in mind for McLean; the issues facing Saudi Arabia'... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro