$376,000 to $1.4 Million: How Much a Home Really Costs in DC
The median price for a home in DC in April was about $700,000, but that figure doesn't really provide a sense of the cost of different home types in the city. So, UrbanTurf looked at median prices for condos, co-ops, rowhouses and detached single family homes over the last year to provide a more clear sense with what is happening with DC housing prices.
Over the last year, DC condo and co-op prices haven't moved very much. The median price of a condo/co-op came in at $540,000 in April, up about 1% compared to April 2021. Condo prices have been similarly flat in the DC region, rising about 4% year-over-year to $376,000.
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The increase in rowhouse and townhome prices in DC over the last 12 months is a bit more pronounced than that of condos/co-ops. Prices for this property type rose 8% in the last year to $950,000. Prices increased year-over-year in each of the last 12 months with winter seeing slow appreciation.
In April, the value of a detached house in DC shot to another record. The median price for this property type in the city rose to $1.395 million, according to Bright MLS, up 11% compared to last April. Despite the record, detached home prices have slowed from their epic increases of last spring.
Photo courtesy of Tom Faison.
See other articles related to: dc home and condo prices, dc home prices, dc housing market, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/376000-to-1-4-million-how-much-a-home-really-costs/19694.
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