In a number of D.C. neighborhoods the majority of newly-built housing has been rental product, but with more $1 million-plus home sales occurring it now seems for-sale developers are ready to re-enter the fray. Lock 7 Development is under construction on 22 townhomes in the Northeast D.C. neighborhood of Brookland.

  • New townhomes for roughly $500,000 seem to represent an affordable option in DC considering volume of $1 million-plus sales
  • Demand for new housing in DC is there
  • District has a large population of potential millennial homebuyers

In a number of D.C. neighborhoods the majority of newly-built housing has been rental product, but with more $1 million-plus home sales occurring it now seems for-sale developers are ready to re-enter the fray.

Lock 7 Development is under construction on 22 townhomes in the Northeast D.C. neighborhood of Brookland

The two-level homes will be completed in spring 2016, with presales to begin shortly. With some existing homes recently trading for more than $1 million in Brookland the developer has to like its chances of selling 22 homes starting in the high $400,000.

Lock 7’s David Gorman states Brookland represents a less dense urban neighborhood that features older housing stock mixed with newly built rental – creating a need for new housing. To assemble the development site the firm acquired contiguous parcels from two separate owners.

According to Graphiq, Brookland received a 19.7 score in its best places to raise a family category, a low rating for neighborhoods in the district. The neighborhood is also just outside the region where the most “hipsters” and young professionals live.

[graphiq id=”1BjRHDq32tL” title=”Brookland Washington, DC 20017 Profile” width=”600″ height=”600″ url=”https://w.graphiq.com/w/1BjRHDq32tL” link=”http://places.findthehome.com/l/171926/Brookland-Washington-DC-20017″ link_text=”Brookland Washington, DC 20017 Profile | FindTheHome”]

A number of these young professionals appear to be educated and make a solid income, which would seem to make them solid candidates for future home purchases. Overall, D.C. has a disproportionately large young professionals (25-34) population.

Email Erik Pisor

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Prepare for this fall with top agents & brokers at Connect Now this Tuesday.GET YOUR TICKET×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription