Back in 2015 I wrote an article titled “Pimmit Hills 2015 – “Should I Stay or Should I Go!.” The article spoke of the changes taking place in the neighborhood with old small homes being demolished to make space for larger new ones. While progress in inevitable, the modern homes bring with them different demographics with different priorities.
I wrote : “With each home gone, one cannot help but thinking about the past and what made Pimmit Hills unique. I suspect the future holds fewer whimsical over-the top Christmas light displays, fewer bears carved out of tree stumps and almost no front yard gnomes and Statue of Liberties.”
So, five years later, are new homes continuing their march through the neighborhood? The answer is a resounding yes. Builders, investors and I-want-to-build-my-own-home-buyers have all enthusiastically purchased properties on which to put up new and larger homes. It is not uncommon to now see three or four new homes in a row on the same block. With each new home being built the old 884 sq/ft homes look more and more out of place (and not vice versa as in the past.)
Ten years ago homes selling above $800,000 in the community were a rarity. Now, as you can see from the graph below, almost half the homes in the community sell for above $800,000. As of early December, the median sold price is $739,000. Two homes sold above $1.6M.
Prices for the original footprint 884 sq/ft homes have been going up steadily as well. For a lot to build on you should now expect to pay between $600,000-$650,000. You can see homes for sale in Pimmit Hills here.
2021 will be another great year for Pimmit Hills. If you are looking to buy or sell I would love to help – just give me a call at 703 861-0845.