January 31, 2011

L&F Market Minutes: Chevy Chase & Columbia Heights Show Serious Home Price Gains!

Long & Fosters’ December 2010 Real Estate Market Minutes were released and “show that median home sales prices increased significantly in Chevy Chase and the Columbia Heights/Mount Pleasant area” (Wellborn).

“Specifically, the median price in Columbia Heights/Mount Pleasant increased a whopping 45 percent since December 2009 from $370,000 to $545,000. Not to be outdone, the median sales price in Chevy Chase increased 49 percent, from $787,000 to $1.175 million. (The Chevy Chase stat should be taken with a grain of salt, though, as the large increase is based on the handful of homes that sold in December.) Both Petworth/Shepherd Park (12 percent) and Cleveland Park/Kalorama (8 percent) also showed notable price increases.

While overall median prices were up 5 percent across DC, there were neighborhoods where prices fell, including the Southwest/Waterfront where prices dropped 17 percent and Spring Valley where prices were 6 percent lower than in December 2009” (Wellborn)

For more individual neighborhood reports, click here.

Source: UrbanTurf

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January 28, 2011

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