© 2016 ShowingTime RBI. Data provided by MRIS as of Nov. 16, 2016
As we approach the end of 2016, it seems like a good time to look back at, not just the preceding year, but the preceding 5 years in the District market.
The median value of all homes sold in the Washington, D.C. district market has risen by 26.5% over the last 5 years; that’s an average of 5% annual increase in median sales prices throughout the District. (Remember that the median represents the mid-point of all prices, not the average price.)
Many zip code neighborhoods performed better than this trend. These are represented in shaded boxes of varying strengths of green in the table above. Zip codes that performed within 10 percentage points higher than the overall DC median include 20001 (Shaw), 20002 (Capitol Hill North, H Street Corridor, Trinidad), 20003 (Capitol Hill South, Navy Yard), 20005 (Logan Circle), and 2016 (Cathedral Heights, AU Park). Zip codes that registered even higher than 10 percentage points higher than the District average are 20008 (Cleveland Park, Woodley Park), 20016 (16th Street Heights and Crestwood), 20018 (Brentwood, Lincoln), and 20020 (Anacostia). The clear winners in this category are 20017 (Brookland, Catholic U) with a whopping 150% median price increase over 5 years, 20019 (Benning Heights, Deanwood) with 222.6%, and 20032 (Congress Heights) with 141.9%.
Some neighborhoods performed worse than this trend, but still had decent increase in median prices: 20004 (Penn Quarter), 20007 (Georgetown, Burleith, Glover Park), 20009 (Dupont, Adams Morgan, 20010 (Columbia Heights, Mt. Pleasant), 20012 (Colonial Village, Takoma DC), and 20036 (Dupont Circle, Downtown). And keep in mind that a 7.5% increase of median prices in Georgetown over 5 years still represents a dollar increase of $61,500 in that time—about the same as the $65,000 increase in Anacostia, even though its percentage increase of 48.7% is roughly 6.5 times that of Georgetown.
Zip code neighborhoods that actually saw a decline in median prices over 5 years are 20015 (Friendship Heights, Chevy Chase DC) and 20037 (West End, Foggy Bottom).
So what does all this mean to sellers and buyers? To sellers, it means you want to be aware of the trends for your zip code neighborhood when pricing your home to sell. For buyers, declining median prices in some zip code neighborhoods may help you identify some possible deals, or at least give you information to use in bargaining for a better price.
Happy Sales to You.
Ted Smith is a licensed Realtor with Real Living | at Home specializing in mid-city D.C. Reach him at TedSmithSellsDC@rlathome.com and follow him on Facebook, Youtube or @TedSmithSellsDC. You can also join him on monthly tours of mid-city neighborhood open houses, as well as monthly seminars geared toward first-time home buyers. Sign up at meetup.com.