The adage that it is a good time to be a home seller has never been more true in the DC region than over the past 18-24 months. A low supply of homes for sale coupled with high buyer demand has pushed home prices to new heights.
But just how do the home prices of today compare to those of a decade ago? UrbanTurf dug into some data and found some interesting, if not eye-popping, results.
In June, the median home price in DC came in at $700,000, hitting that mark for the first time. That price point may have been hard to comprehend back in the late summer of 2011. At that time, the median price in the city was $380,000. So while prices haven't quite doubled in ten years, they have come pretty close.
The median price of a condo or co-op in DC hasn't seen the kind of appreciation of other property types over the last decade, but that doesn't mean that prices haven't increased substantially. The median price has risen from $356,000 in September 2011 to a near record high of $530,000 last month. That represents a 49% increase (25% when adjusting for inflation) over ten years.
The prices for single-family detached homes in DC have seen large increases during the pandemic as buyers desire for more space, both indoor and outdoor, increased. Compared to 2011, prices in the city have nearly doubled, rising from $685,000 in the late summer of that year to nearly $1.3 million last month.
Prices for rowhouses in DC followed the same path as detached homes over the past decade. In the summer of 2011, the median sales price for this property type was $493,000. Last month, the median price came in at $949,000, a 92% increase (61% when adjusted for inflation).
This article originally published at http://dc.urbanturf.com/articles/blog/a-look-at-the-near-doubling-of-dc-home-prices-in-10-years/18491
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