At the end of 2015, DC’s Office of Revenue Analysis published a really interesting post on its District Measured blog about housing prices in various DC neighborhoods since 2001. For Riggs Park, the news is a mixed bag. (The Office uses tax subdivisions for its analysis, so some of the transactions may be outside of what we in the neighborhood consider Riggs Park). Median sales price is up 96% since 2001.
But prices have not quite reached the high achieved in 2006, which was $398,250. The median sales price in 2015 was 11% lower than 2006.
Since 2009, the median sales price has increased 25 percent.
Here is the median sales price for each year since 2009, according to District Measured:
- 2009: $283,050
- 2010: $258, 276
- 2011: $241,680
- 2012: $254,800
- 2013: $300,900
- 2014: $328, 750
- 2015: $355,000
2015 also recorded the highest number of sales since 2009.
Of course these numbers obscure the difference in price between a fully renovated or newly constructed home and a non-renovated one. I waited to publish a piece about the analysis because I had my eye on one particular property, a high end renovation of one of the older, midcentury brick semi-detached homes that was originally listed at $650,000. The price was eventually reduced to $599,000. A few days ago, the house sold for $585,000. By my review, that price is the highest to date for one of the older homes, albeit one that has been fully renovated and one that sits on a larger lot than many of the neighborhood homes.
Newly constructed homes close to the metro are selling for well over $600,000. For a while, recently renovated homes were being listed in the range of $450,000 to $499,000 and selling right around that price point. Now we are seeing renovated homes selling for over $500,000. Non-renovated homes that need a good bit of work are selling for around $280,000 to $300,000. For the non-investor, there is still a bit of a risk of losing out to all-cash buyers for the true fixer-uppers, but homes that have been maintained in good shape but that have not been fully renovated are selling in the range of $315,000 to $375,000. These are just figures I have eyeballed from following real estate listings over the year, not the result of doing a detailed analysis of the numbers since I am not a real estate agent.
Interest rates will surely creep up this year. We will see what effect the increase has on the upward trajectory of neighborhood housing prices.


















