How Much Is a Parking Space Worth?

• November 4th 2011

by Shilpi Paul

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To many DC area residents, private parking spaces are worth their weight in gold. But exactly what is the value of being free from persistent meter maids, aggressive parallel parkers, and measly street parking options? To get to the bottom of this question, UrbanTurf decided to investigate the current market price for a parking place in neighborhoods around the city.

For a few years, the average price for a parking space in DC has been pegged at somewhere in the $25,000 to $30,000 range, and home buyers have become savvy enough to negotiate a list price down in the event that the listing they are interested in doesn’t come with a spot.

Based on our research, Georgetown and Dupont Circle boast the highest prices for individual spaces (more on this below). Spots in Glover Park and Mount Pleasant also ranked as fairly expensive, while Forest Hills, where the houses are high-priced, came away as the least expensive option.

Here’s a sampling of what we found (all of the listed spaces are in condo buildings):

• $22,500 for a space in Forest Hills
• $25,000 for a space in Columbia Heights
• $39,900 for a space in Logan Circle
• $40,000 for a space in Mount Pleasant
• $40,000 for a space in Glover Park

In August, DC Real Estate News blogged about some spaces at Dupont East Condominiums going for $50,000. Taking the cake, however, is a one-car garage at 3413 R Street NW (map) that is currently under contract for $85,000. The garage has enough room for one car with a little space left over for storage, according to the description.

As for places outside of DC, earlier this year Keller Williams’ Laura Rubinchuk Schwartz tried to determine the worth of an extra parking space at condo projects in Northern Virginia by comparing the prices of two condo units that were similar in every respect but one: one unit had two parking spaces while the other had one. Schwartz found that the difference in prices ranged widely, from $4,500 at Courthouse Hill all the way up to $45,572 at Station Square.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/how_much_is_a_parking_space_worth/4498.