Real Estate Watch – Brookland Home Value Index Up 19% Over Last Year

Lately it seems like Brookland is seeing increasingly expensive houses hit the market, so we decided to look at the numbers. Sure enough, according to Redfin and Zillow real estate sites, the median sold price in Brookland is up 34.7% over this time last year.

I’m no expert, but from what I understand, the more telling figure is the home value index. This figure is calculated by taking the median sold $/sq.ft. – and this is the actual value of homes that are sold. Basically, this number is a better representation of what someone is willing to pay in our area. Check out the home value index for Brookland over the last 10 years, you can see that we are definitely recovering from the downtown in the market; although I would suspect we still need a few more months of data to proclaim a full rebound. In any case, the take away is that the home value index for Brookland is up 19.1% from this time last year, and I’ll take that happily. Any comment from the real estate wonks out there?

Brookland Zillow Home Value Index

5 thoughts on “Real Estate Watch – Brookland Home Value Index Up 19% Over Last Year”

  1. Thanks for sharing this local real estate data! While we often see a spike in our local Brookland market in the spring and summer the 2012 numbers are blowing 2011 (what I thought was a pretty strong year) out of the water. In the 20017 Brookland zip code the average days on market for July 12′ was 26 compared to 112 in July 11′! Not only are homes moving faster, there are just less of them. There were only 27 single family homes on the active market in July 12′ compared to 43 in July 11′.

    We are hearing from lots of local perspective buyers that they are ready to make Brookland their home, but have not been able to find a house here. The days of multiple offers on local houses is back—we just went under contract on 3220 15th Street NE (listed for $699,900) with multiple offers!

    Go Brookland!

    -Kymber Menkiti
    The Menkiti Group
    Keller Williams Capital Properties

  2. Hi Kymber,

    Thanks for providing your expertise here. Glad to hear numbers are up! This must be exciting for those in the real estate business, but I would imagine somewhat frustrating if you can’t find the perfect home for clients due to lack of inventory. I have noticed anecdotally that there seems to be low supply of houses on the market in this area, thanks for confirming. I think this may not be such a bad thing, as it seems to provide a sense of stability to the neighborhood.

    Shani

  3. Great news! My brother and I will be selling our rowhouse soon so the data provided puts a smile on my face. If we’re not able to sell, we’ll look into renting.

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