Yes, you gotta love our little Washington, DC because it loves us back when it comes to shielding us against the effects of this recession we’re in. Please read on this lovely post and be grateful that we live in a geographic location that has not and seemingly will not be affected by the national economic downturns…unlike millions of other people in this country. Even though the “volume” of sales are down, prices are still holding on and there are plenty of transactions taking place here. Click on the map below to get a closer look at how each neighborhood “performed.” And now, here is the 2008 real estate outlook for Washington, DC:
Home prices in the District continued rising last year, even though values fell in most of its suburbs, with much of the increase east of the Anacostia River.
The median sales price for a single-family house or townhouse in the District last year was $480,000, a 7 percent increase from $450,000 in 2006, according to a Washington Post analysis of government sales records. That was the steepest increase in any part of the region. Condominium sales were reviewed separately. The median price for a D.C. condo rose 3 percent, to $365,000 from $355,000.
Nonetheless, the volume of home sales was down, as it was throughout the region, falling 24 percent, to 3,212 from 4,236.
Median sales prices increased in all three Zip codes east of the Anacostia, though they remained below $300,000. The largest increase was in Northeast’s Zip code 20019, where the median rose 10 percent, to $255,000.
That was the lowest median price in the District, however. The 20019 area has become one of the last affordable neighborhoods for a lot of the population, particularly for a single person. For households bringing in $60,000 to $70,000, it’s hard to afford over $250,000.
And for that reason, so many parts of D.C. have become unreachable. The 20019 Zip code includes Deanwood, Lily Ponds, Hillcrest, Marshall Heights and Fort Dupont Park, “a beautiful neighborhood,” according to a local realtor.
West of the river, sales prices were also up most noticeably in areas that are relatively moderately priced. For instance, in Northeast’s Zip code 20017, which includes Brookland, the median price rose 5 percent, to $379,500. The median also remained below $400,000 in neighboring Zip code 20018, rising 4 percent, to $380,135 in the area that includes Langdon and Fort Lincoln.
At the other end of the city — and the other end of the price spectrum — prices were stable. The highest-priced Zip code with more than a smattering of sales was Northwest’s 20008, which includes Cleveland Park and Tenleytown. The median sales price there was $1.15 million, flat compared with the year before.
Median price was also essentially unchanged, at $909,150, in neighboring Zip code 20007, which includes Georgetown, and up 1 percent, to $907,500, in Zip code 20016, which includes Palisades.
In the middle of the District, where dramatic gentrification led to big price jumps in past years, changes last year were minimal, too. For instance, in Zip code 20009, which includes Adams Morgan and part of the U Street NW corridor, the median price rose 2 percent, to $715,000, while the number of sales was up a little, to 126 from 120.
– Susan Straight, Special to The Washington Post
Email to a Friend
