loading...

Kalorama Home Prices Since Obama Took Office

by Nena Perry-Brown

image
Inside a home for sale in Kalorama. Photo: HomeVisit.

While the DC area was mostly insulated from the worst effects of the 2008 recession, home prices certainly took a hit in some neighborhoods. UrbanTurf has spent 2016 taking a look at neighborhoods in the area to see how housing prices have fared since that time.

We have examined Capitol Hill; the zip code that includes Shaw, Bloomingdale, LeDroit Park and Mount Vernon Square; Chevy Chase DC; Trinidad; Columbia Heights; the zip code including Historic Anacostia, Naylor Gardens and Hillcrest; Petworth; Cleveland Park; Georgetown; and Mount Pleasant.

In light of the First Family’s eventual relocation to Kalorama, UrbanTurf looks at the trajectory of prices there over the past eight years.


image

One-Bedrooms Rise 13 Percent

The one-bedroom condo and co-op market in Kalorama has been relatively stable over the last eight years, with prices appreciating 1.63 percent annually, from the second quarter 2008 median of $347,829 to the late-2015 median of $395,711. The time to buy one of these units was in the first quarter of 2011, when the median sales price was an inflation-adjusted $314,846, 38 percent lower than the first quarter 2015 high of $434,071.


image

Slow and Steady For Two-Bedrooms

While the two-bedroom submarket has seen prices fluctuate somewhat since 2008, growth has been steady since early 2012. With an overall appreciation of 1.58 percent over the past eight years, the median price in the second quarter of 2008 was an inflation-adjusted $638,984 and rose 12.5 percent by the first quarter of 2009 to $718,774. That 2009 price point is only a percentage point lower than the highest median during the eight-year stretch — the fourth quarter 2015 median of $724,293.


image

Wildly Fluctuating Four-Bedroom Townhomes

The price trajectory for four-bedroom rowhouses has been much more turbulent than any other property type in Kalorama since 2008. The fourth quarter 2015 median sales price of $1,711,048 is five percent lower than the median of $1,800,267 in the second quarter of 2008. 2010 was an especially aberrant year, with prices dropping 52 percent between the second ($2,276,785) and fourth ($1,096,697) quarters, the latter being the rock bottom price point during the eight-year span. Incidentally, the median home price has exceeded $2 million in just five quarters since 2008.


image

A Bumpy Ride For the Largest Homes in the Neighborhood

The Obama’s future home falls into this category, where home prices have actually depreciated 5.5 percent since 2008.

Just as 2010 was a wild year for four-bedroom rowhouses in Kalorama, prices on detached homes with six or more bedrooms were extremely unpredictable in 2009, dipping 74 percent from an inflation-adjusted median of $3,791,828 in the first quarter to $981,414 in the third quarter, then jumping an astounding 394.32 percent the following quarter to settle at $4,851,309 — the highest median price over this time span. (Note: Not being able to isolate the number of bedrooms in this instance makes it harder to discern an overall or reliable pattern.)

Overall, prices have been consistently above $2 million since the third quarter of 2014. The second quarter of 2008 median of $3,308,823 remains 36.33 percent higher than the median of $2,106,759 at the end of 2015.

(Note: The dip to zero on the above chart represents a quarter in which no houses in that submarket sold in the neighborhood.)

This article originally published at http://dc.urbanturf.com/articles/blog/an_8-year_snapshot_of_kalorama_home_prices_in_four_charts/11294

0 Comments — Be the First!

Join the discussion

UrbanTurf now requires registration in order to post comments. Register here, or login below if you are already registered.

Click here if you forgot your password.



DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

Northern Virginia

Profiles of 14 neighborhoods across Northern Virginia

Ballston
Looking to Give People A Reason to Stay Past 6pm
Clarendon
Happily Straddling the Line Between City and Suburb
Columbia Pike
Arlington’s Neglected Stepchild is Getting a Makeover
Crystal City
Turning Lemons into Lemonade
Lyon Village
Developing An Air of Exclusivity?
Rosslyn
Hitting Its Growth Spurt
Shirlington
An Urban Village Hitting Its Stride
Del Ray
Virginia’s Small Town Near the Big City
Eisenhower Avenue
The Vibrancy Might Take a Few Years
Huntington
The Quiet Neighborhood By the Beltway
Old Town
Mayberry By The Potomac
Parkfairfax
132 Commerical-Free Acres
Downtown Falls Church
Staying the Same in the Midst of Change
Tysons Corner
Radical Change Could Be On The Way

See more Northern Virginia »

Maryland

Profiles of 14 neighborhoods in suburban Maryland

Annapolis
Small-Town Living in the State Capital
Bethesda
Bedroom Community Gets Buzzing Cache
Cabin John
In With The New While Maintaining the Old
Chevy Chase
Affluence, Green Lawns and Pricey Homes
Downtown Silver Spring
Experiencing a Resurgence After a Bumpy History
Potomac
A Suburb on Steroids
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
Takoma Park
More Than a Little Bit Quirky
Wheaton
A Foodie Magnet on the Verge of Change
Capitol Heights
Kudzu, Front Porches and Crime
Hyattsville
Glass Half Full or Half Empty?
Mount Rainier
Artists, Affordable Homes and A Silo Full of Corn
National Harbor
A Development Rises Next to the Potomac
Riverdale Park
A Town Looking For Its Identity

See more Maryland »

Northwest DC

30+ neighborhood profiles for the city's biggest quadrant

16th Street Heights
DC's Sleeper Neighborhood
Bloomingdale
Where (Almost) Everyone Knows Your Name
AU Park
One of DC’s Last Frontiers Before the Suburbs
Brightwood
DC’s Northern Neighborhood on the Cusp
Burleith
DC’s 535 House Neighborhood
Cathedral Heights
Do You Know Where That Is?
Chevy Chase DC
Not to Be Confused With the Other Chevy Chase
Cleveland Park
Coming Back After A Rough Year
Columbia Heights
DC’s Most Diverse Neighborhood, But For How Long?
Crestwood
An Island of Serenity East of the Park
Dupont Circle
The Best of DC (For a Price)
Foggy Bottom & West End
Where the Institutional Meets the International
Forest Hills
Ambassadors and Adventurous Architecture
Fort Totten
Five Years Could Make a Big Difference
Foxhall Village
350 Homes Just West of Georgetown
Friendship Heights
A Shopping Mecca With a Few Places to Live
Georgetown
History, Hoyas and H&M
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
Kalorama
A Posh View From Embassy Row
LeDroit Park
A Quiet Enclave in the Middle of the City
Logan Circle
Trendy Now, But Not By Accident
Mount Pleasant
Sought-After Homes Surround Main Street in Transition
Mount Vernon Triangle
From Seedy to Sought-After
Palisades
The Long, Skinny Neighborhood at the City’s Northwest Edge
Park View
It’s Not Petworth
Penn Quarter/Chinatown
DC’s Go-Go-Go Neighborhood
Petworth
Getting a Vibrancy of Its Own
Shaw
The Duke’s Former Stomping Ground
Shepherd Park
DC’s Garden of Diversity
Spring Valley
A Suburb With a DC Zip Code
Takoma
Not To Be Confused With Takoma Park
Tenleytown
Not Quite Like Its Neighbors
U Street Corridor
The Difference a Decade Makes
Woodley Park
Deceptively Residential
Adams Morgan
No Longer DC’s Hippest Neighborhood, But Still Loved by Residents

See more Northwest DC »

Southwest DC

The little quadrant that could

Southwest Waterfront
A Neighborhood Where A Change Is Gonna Come

See more Southwest DC »

Northeast DC

Profiles of 10 neighborhoods in NE

Brookland
New Development Could Shake Up Pastoral Peace
Deanwood
A Little Bit of Country Just Inside the District’s Borders
Eckington
Not to Be Confused With Bloomingdale
H Street
A Place To Party, and To Settle Down
Langdon
The Northeast Neighborhood That Few Know About
Michigan Park
A Newsletter-On-Your-Doorstep Community
NoMa
Evolving from a Brand to a Neighborhood
Rosedale
Ripe for Investment Right About Now
Trinidad
The Difference 5 Years Makes
Woodridge
Big Houses, A Dusty Commercial Strip and Potential

See more Northeast DC »

Southeast DC

6 neighborhoods from Capitol Hill to East of the River

Capitol Riverfront
Still Growing
Hill East
Capitol Hill’s Lesser Known Neighbor
Congress Heights
Gradually Rising
Hillcrest
Notable for Its Neighborliness
Historic Anacostia
Future Promise Breeds Cautious Optimism
Eastern Market
A More European Way of Living

See more Southeast DC »

Upcoming Seminars ▾