The Old Town real estate market in 2016 continued its long tradition of interest and value to homebuyers seeking an urban lifestyle less congested yet still convenient to DC. The highest sale price for detached and attached homes in Old Town for 2016 (from MRIS data) was $3.7 million for a home on S. Lee Street in the Southeast quadrant. The lowest priced sale was a $380,000 home in the Southwest quadrant.
The Southeast quadrant has long been considered “true historic Old Town,” but recent data shows this sought-after part of Old Town now competes with other quadrants closer to Metro on the west side or to DC and National Airport on the north side, though it still commanded the highest priced sale.
The fastest selling homes in 22314 were in the northernmost part of Old Town referred to here as North Potomac. These homes averaged only 32 days on the market. They are newer than the rest of 22314 Old Town, with an average year built of 1985 (compared to the Southeast quadrant average of 1915). It comes as no surprise that with quick sales, the area had the highest list to sale price ratio in Old Town (99.5%), as compared to the highest average list to sale price in the Southeast quadrant (97.4%). Why is the north end so popular? Buyers are seeking true master bedroom suites, dedicated parking, and ample storage, all of which are more readily available in North Potomac.
The Southwest quadrant saw the lowest priced home that sold last year in Old Town at $380,000. About as many sales occurred there (65) as in the southeast quadrant (64), but homes in the Southwest sold fast, averaging just 35 days on the market at an average sales price of $798,000. Affordability is a key factor why sales in that area, which at one time were sluggish, are now “hot.”
The Northeast quadrant had a sale at $2,675,000 at 428 N. Washington St. The area had the highest median sale price of the Old Town quadrants, with half of the 48 sales selling under $932,000 and the other half above. It had the highest “lowest selling” home of the five areas at $500,000. The average year built for Northeast quadrant homes sold was 1953. Homes sold quicker than in the southeast quadrant at 48 days on market, compared to 53 in the Northeast.
We expect 2017 to be another good year for sales and the Old Town real estate market given the desire for downsizers and millennials to live in areas that are walkable to shopping, dining, and entertainment.
For more information about the Old Town real estate market, including sales information for the condo market, contact us. We are happy to discuss the real estate market and what makes sense for you.
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