As we all know, Everyone Loves Logan, and for good reason. Endless restaurants...great shopping...and some of the District's most charming homes. It's also in the heart of the city, and convenient to everywhere. So let's take a look at the numbers to see what's going on with the Logan Circle real estate market.
The average sale price of a row house in Logan Circle was just under $1,000,000 five years ago. Now, that number has more than doubled, with the average home selling for $2,366,667 in the first quarter of 2015. Overall, the mean and median sale prices have been comparable, which indicates a more stable market.
Price/Sq. Ft. can be a great way to analyze the value of a home. In Logan Circle, we saw a bit of up-and-down from 2011-12, but since then, the average has steadily increased. For the first part of the year it averaged around $755/Sq Ft, compared with the low $400s/Sq Ft in early 2011. This means folks are paying more and more to live in the neighborhood, and it's been that way for a few years now.
One Bedroom Condos
One bedroom condos in Logan circle are selling for about $435,000 these days, whereas you could have landed a new pad in the mid $300s five years ago. New construction in 2011-12 took the average one bedroom sale price well into the $500s, but prices have steadied in the mid $400s since then. Also, keep in mind that these sale prices do not include condo fees, which can vary greatly from building to building.
The average price per square foot has hovered between $600-700 per Sq Ft. In Q2 of this year, the average one bedroom condo sold for about $650 per Sq Ft, which means a 700 Sq/Ft condo will run about $455,0o0 + condo fees. The market saw a strong jump in 2011-2012, and it's steadily increased since then.