And within the District, Columbia Heights and Mount Pleasant are among the regions in highest demand, with D.C. housing prices really skyrocketing, according to the Washington Business Journal. Properties in those neighborhoods regularly sold for more than 100% of their asking prices.
Penn Quarter and Shaw, two more of D.C.’s hottest neighborhoods, saw prices climb 38% from a year ago, with prices averaging $592,000. Cleveland Park and Kalorama saw median sale prices rise 30% from a year prior.
As nationwide housing prices are climbing, D.C. housing prices are proving one of the hottest gainers. D.C. area housing prices rose 9.6% in July from a year prior, with the District itself welcoming 11.6% rise in prices.
For buyers, the nation’s capital is a very tight and competitive housing market. Even in well known areas of Dupont and Logan Circle, active listings are down about 56% from a year prior. D.C. housing market trends make the city the fifth fastest housing market in the nation.
D.C.’s hottest neighborhoods of Columbia Heights, Shaw and Penn Quarter are all up-and-coming areas that are undergoing revitalization and development. Unlike Dupont and Chinatown, these neighorhoods are not totally built out and have ample room to continue catering to high demand.