A look at the 10 hottest neighborhoods in Washington, D.C.

May 22

Cleveland Park is No. 9 on the hot neighborhoods list. (Nikki Kahn/THE WASHINGTON POST)

Even as the overall real estate market in the Washington area has cooled this spring largely because of higher interest rates and tighter mortgage standards, there still are numerous neighborhoods where bidding wars remain fierce and values continue to soar.

Rockville-based multiple-listing service MRIS and its subsidiary RealEstate Business Intelligence (RBI) have put together their latest list of the 10 hottest neighborhoods in the District in terms of sales activity this year. MRIS and RBI arrived at their selections by looking at neighborhoods with the shortest selling times — 10 days or less on the market.

Here are the top 10 hot neighborhoods with the median days on the market and median sales price for 2014 and a synopsis of what MRIS/RBI said about them:

1. Takoma D.C. in Northwest, seven days on market, $380,000

Takoma D.C. “is the very definition of affordable homes that are close enough inside the District to make a commute easier than one from the suburbs. … The neighborhood has a sizable stock of row houses and single-family homes so those who want to get out of living in a condo can transition to this neighborhood without having to jump up significantly in price.”

2. Wakefield in Northwest, seven days, $532,500

“The very northern tip of the Cleveland Park [located in the triangle north of Yuma Street between Nebraska and Connecticut Avenues] is also one of D.C.’s fastest moving neighborhoods and with frequent bus lines, a few Metro stations, and abundant retail and restaurants it is easy to see why. … We could even say that this is one of D.C.’s most popular neighborhoods since sales prices have jumped up a full fifty percent in the past year.”

3. Rhode Island Avenue in Northeast, eight days, $267,450

“Rhode Island Avenue is in the middle of such rapid growth it makes sense that homes there are selling in half as much time as last year. With the major development of Rhode Island Row that turned the barren stretch of land near the Metro station into a walkable community, it is a hot place to be.”

4. Chevy Chase in Northwest, eight days, $930,000

Chevy Chase, the portion that is in D.C., is a mecca for people who want a balance between the suburbs and the city. With convenient access to plenty of retail, but with enough trees and wider streets, it meets the needs of many home buyers for this area.”

5. Mount Pleasant in Northwest, nine days, $620,000

“This has always been a popular place to live with its proximity to all that 18th Street has to offer and access to several of the city’s main driving arteries, but the housing stock is mostly row houses or higher-end condos so the prices are noticeably higher.”

6. American University Park in Northwest, nine days, $925,000

“With so many single-family, detached houses and large back yards it is a prime location for families.”

7. Old City No. 1 on Capitol Hill, 10 days, $664,200

“Its easy access to the Hill, the very family-friendly public spaces, the gathering place of Eastern Market, and all the restaurants that have cropped up in the past few years make this one of D.C.’s most sought after neighborhoods.”

8. Brookland in Northeast, 10 days, $469,950

“Brookland has come into its own recently, especially with the Monroe Street Market complex making it more of a destination than ever before.”

9. Cleveland Park in Northwest, 10 days, $448,000

“Cleveland Park gets to make the list twice — once earlier with the northern section (called Wakefield) and now again with the more central part of the neighborhood. … Median sales prices here are $448,000 (compared to $532,500 for the northern portion), but that is probably because the housing stock has so many smaller units available.”

10. Spring Valley in Northwest, 10 days, $1.427 million

“This lush neighborhood barely feels like a city with so many quiet streets and large yards so it is another one of those places that rise to popularity because it finds the balance between urban and suburban living.”

 

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