Georgetown is Washington D.C.'s small town centered around Georgetown University, where a vibrant culture is causing housing prices to soar.

"Georgetown is the vibrant small town around the University," says Realtor Ghislaine Boreel. "Brightly painted houses on tree-lined streets surround the main arteries, Wisconsin Avenue and M Street. This neighborhood has many antique shops, galleries, cafe's and restaurants. Living in Georgetown brings the convenience of being able to walk to all the local shops and exchanging friendly greetings with one's neighbors. A variety of public parks make it very popular with families. Larger Georgetown includes neighborhoods such as Hillandale and Burleith to the West, although if one wants to be completely accurate, the town's boundary on that side would be the University. On the east side the natural boundary is the Rock Creek. "

"Wesley Heights is the neighborhood surrounding the Northern part of Foxhall Road before it ends at Loughborough. On the East it borders Massachusetts Avenue," explains Boreel. "Wesley Heights is a highly desirable enclave of family homes on tree-lined streets. Most houses have large additions as the owners don't want to leave this very convenient and pleasant neighborhood. The main architectural styles are Tudor and colonial. Although some houses (mostly the Tudors) were built in the 1920's, most houses stem from the 1950's. Single-family houses are sold very fast after they are listed, as the neighborhood is very sought after. Recently there have not been many houses listed under several million dollars, I hope that will change soon! There are several gated communities of townhouses and luxury condo/coop buildings (on New Mexico, Cathedral, and Massachusetts Avenues) which are also extremely popular. In these buildings and communities sales do pop up more frequently. To sum up: Wesley Heights combines the pleasure of suburban living with the convenience of a very short commute (to downtown.)"

Boreel advises, "House prices in Georgetown have increased dramatically over the past few years. Prices start in the $300,000's for a tiny condo and go up from there into the millions.The lower-priced properties get sold as fast as within hours from listing, and most of the time get multiple offers that escalate to high above the asking price. I would recommend the serious buyer to get approved for a loan first, before finding that "perfect house."

Says Realtor Barry Bluefeld, "Mostly attached townhouses and condos are in the lower areas of Georgetown, with duplexes or detached homes to the northern side. The main commercial streets are Wisconsin Ave, M Street, and Prospect. With two major Universities in close proximity and a lot of young people, this is a vibrant and exuberant community. It has long been a fashionable center of the city. It is charming with its many boutiques and elegant homes and its proximity to the water and having an abundance of parks - Glover Archibald, Whitehaven, Dumbarton Oaks, Montrose & Rose Parks. It is a destination of choice for its restaurants, shops, waterfront dining, and a regional recreational attraction to the canal area for joggers and bikers. It's a luxurious place to live with its many community amenities, and a short distance to the monuments. There are some homes with dazzling views of the Potomac."

About the market, Bluefeld says, "As of 3/20/04, the current marketing environment shows a 61 percent absorption rate and a very strong sellers' market. The median price of townhouses sold this year is 4.35 percent higher than 2003, and for detached homes, a whopping 10.9 percent higher than 2003 (in less than 3 months so far this year). The median price of townhouses sold so far this year is $720,000, with a range of $519,000 to $$3.5M, and the median price of detached homes sold so far this year is $941,000 with a range of $239,000 to $2.29M."

Click here to view current Market Conditions in your location.

Published: April 19, 2004

Use of this article without permission is a violation of federal copyright laws.