Congress Heights, one of three zip codes east of the Anacostia River, is looking like it could be a serious contender for turning into a coveted place to own a home in The District. With talk of bringing more government departments to this part of Washington, D.C., major development money going toward rejuvenating the St. Elizabeth’s campus, and a number of smaller development projects in the works, there’s a lot of potential for this long-neglected part of the city.
If the real estate data for this past year are anything to go by, it looks like more and more people have started to take notice.
The most dramatic improvement is in price per-square-foot. Look how it has gone from under $100 dollars per-square-foot to more than double that in just five years.
We have also seen the months of supply cut in half in the same time frame. It has dropped from more than eight months to a very respectable four months.
Sales prices are nowhere near the city-wide median of around $500,000, but they are still showing signs of improving. The growth has not been substantial, but it has been steady. That is a success story in its own right.
We are also seeing new listings increase. So far in 2015 they are up 17.2 percent, which is the second-highest increase in the city. Capitol Hill’s southern half, zip code 20003, is the highest at an 18.2 percent increase. This comes with a big caveat, however, since Congress Heights has had a total of 198 new listings this year, while Capitol Hill South has had three times that many (total of 597).
It maybe too soon to say that Congress Heights has completely turned the corner into a booming market, but it is safe to say it has established a much stronger footing. Keep an eye on it in 2016 as a place that will see even more growth.
Corey Hart is the Senior Product Manager and data analyst at RealEstate Business Intelligence, a subsidiary of MRIS.