Sep 5, 2023 - Real Estate
Condos drive up home prices in D.C.
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Condos and co-ops are driving home price increases in several of D.C.'s hottest markets this year compared to 2022, UrbanTurf reported last month.
Why it matters: Condos aren't normally the primary driver of neighborhood home value appreciation here. Usually, it's single-family homes.
Driving the news: The jump in values in Cathedral Heights, West End, and Foggy Bottom were completely tied to condos and co-ops, reports UrbanTurf, which compiled Bright MLS data.
- The same forces were at play in Observatory Circle, Shaw, and Cleveland Park.
Of course, single-family homes still make up for a lot of price appreciation.
- Case in point: Spring Valley continues to have the highest prices in the city. They're up 12.4% year over year to $2.2 million.