HOUSINGNEWS REPORT
STATE SPOTLIGHT
WASHINGTON D.C. METRO MEDIAN SALES PRICE
600,000
$520,000
500,000
$499,000
$480,000
$450,000
400,000
$412,965
$399,000 $398,000
$390,000
$377,500
$370,000
$365,000 $364,500
300,000
200,000
100,000
0
Jan - July 2005
Jan - July 2006
Jan - July 2007
Jan - July 2008
Jan - July 2009
Jan - July 2010
Jan - July 2011
Jan - July 2012
Jan - July 2013
Jan - July 2014
Jan - July 2015
Jan - July 2016
to a study by Governing magazine, 52 percent of census tracts that were poor in 2000 have since gentrified — more than any other city bar Portland, Oregon. Young, mostly white well-educated millennials, have crowed into a district once built largely for families. Meanwhile, housing has become vastly more expensive in gentrified District neighborhoods. As The Washington Post reported in April, the hottest zip code for D.C. real estate is the mostly black Trinidad neighborhood in the once- shunned northeast quadrant. Homes in zip code 20002 in Washington, D.C., were worth $570,531 on average in 2015, about 91 percent more than in 2004, reports The Post . Young millennial gentrifiers love the 19th century Victorian
The market is hot. I have tons of buyers, but there’s no inventory. Properties fly off the market, with multiple offers.”
Silvana Dias | Broker at Long & Foster, Spring Valley
are best seen inside the Beltway, where some of the trendiest neighborhoods are blossoming, including the District’s new “it” communities like U Street, H Street, Shaw, Bloomingdale, Trinidad and Ledroite Park. Dias said young professionals, often childless, are a sizable part of the buyer base. She also sees a steady influx of older empty- nesters, who are looking to downsize their suburban homes to take advantage of the District’s cultural amenities.
tons of buyers, but there’s no inventory. Properties fly off the market, with multiple offers.” Dias, who closed 58 transactions last year, said proximity to the Metro, Washington’s public subway system, and walkability, are important issues for buyers. She said gentrification in many communities was driving home sales. Gentrification: The ‘Great Inversion’ Gentrification is on steroids in the District of Columbia. In Washington, according
“The market is hot,” said Dias. “I have
ATTOM Data Solutions • P14
Made with FlippingBook Online newsletter