This Brookland home sold yesterday for $500,000. But what is the real story here? On June 26th it was listed for $600,000, but clearly the market wasn’t ready for that, and it sat. On July 23rd the price dropped to $525,000 and two days later it was under contract. Yesterday it finally came across as sold at $500,000. After looking through the photos of the home, it confirmed what I have been thinking for the past few months; the Brookland market is hot, but still, homes in the $600,000 – $700,000 range better be spectacular. Don’t get me wrong – this is a great house. It has obviously been well cared for, has really nice outdoor spaces, and a garage! The problem is that it was built in 1980 and it looks like it hasn’t been updated since. With so much “home flipping” and new developments popping up, it would be hard to compete with brand new fixtures, and sparkling granite countertops.
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?
This renovated brick colonial at 1300 Taylor St. NE just hit the market today. With a sizable yard, a garage, 5 bedrooms, new renovation, and close proximity to the Metro – $639,000 is a bargain compared to other areas in DC.