The 8-Year Path of DC Real Estate in Three Charts
For months last year when we reported on the local housing market, the term “record-breaking” was used frequently to describe everything from home prices to home sales. And a look back at statistics from 2016, reveal that the DC housing market, for the year, set records in everything from home price to home sales.
UrbanTurf picked out three charts that are indicative of the change in the DC housing market since the beginning of 2009 that also help put the climate and performance of the market last year in perspective.
Median Sales Price. Click to enlarge.
Last year, the median home sales price in DC was $545,000, the highest level on record for the city. The median price represents a 47 percent increase from the first quarter of 2009 (31 percent when adjusted for inflation), when the price level sat at $369,900. As expected given the rise in prices, sales volume in the District in 2016, at over $5.5 billion, was the highest on record.
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Months of Supply. Click to enlarge.
The inventory of homes for sale has been the headline for the DC housing market for quite awhile, and a look at housing supply reveals just how acute the shortage has become. In the first quarter of 2009, there was a seven-month supply of homes for sale in DC. (The benchmark of a balanced housing market is usually a six-month supply.) In the fourth quarter of 2016, that supply had dropped to a mere 1.5 months, and there is no indication that will change anytime soon.
Days on Market. Click to enlarge.
Perhaps one of the reasons that there is an inventory shortage in DC is that homes are not staying on the market very long. Back in the first quarter of 2009, the median days on market statistic for the city was 72 days. In the fourth quarter of last year, that metric had dropped to 14 days, having sat below three weeks since 2013.
This article originally published at https://dc.urbanturf.com/articles/blog/a_decade_in_dc_real_estate_in_three_charts/12093
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Ballston
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Clarendon
Happily Straddling the Line Between City and Suburb
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Columbia Pike
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Crystal City
Turning Lemons into Lemonade
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Lyon Village
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Rosslyn
Hitting Its Growth Spurt
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Shirlington
An Urban Village Hitting Its Stride
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Del Ray
Virginia’s Small Town Near the Big City
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Eisenhower Avenue
The Vibrancy Might Take a Few Years
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Huntington
The Quiet Neighborhood By the Beltway
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Old Town
Mayberry By The Potomac
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Parkfairfax
132 Commerical-Free Acres
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Downtown Falls Church
Staying the Same in the Midst of Change
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Tysons Corner
Radical Change Could Be On The Way
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Annapolis
Small-Town Living in the State Capital
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Bethesda
Bedroom Community Gets Buzzing Cache
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Cabin John
In With The New While Maintaining the Old
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Chevy Chase
Affluence, Green Lawns and Pricey Homes
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Downtown Silver Spring
Experiencing a Resurgence After a Bumpy History
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Potomac
A Suburb on Steroids
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Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
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Takoma Park
More Than a Little Bit Quirky
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Wheaton
A Foodie Magnet on the Verge of Change
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Capitol Heights
Kudzu, Front Porches and Crime
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Hyattsville
Glass Half Full or Half Empty?
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Mount Rainier
Artists, Affordable Homes and A Silo Full of Corn
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National Harbor
A Development Rises Next to the Potomac
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Riverdale Park
A Town Looking For Its Identity
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Northwest DC
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16th Street Heights
DC's Sleeper Neighborhood
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Bloomingdale
Where (Almost) Everyone Knows Your Name
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AU Park
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Brightwood
DC’s Northern Neighborhood on the Cusp
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Burleith
DC’s 535 House Neighborhood
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Cathedral Heights
Do You Know Where That Is?
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Chevy Chase DC
Not to Be Confused With the Other Chevy Chase
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Cleveland Park
Coming Back After A Rough Year
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Columbia Heights
DC’s Most Diverse Neighborhood, But For How Long?
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Crestwood
An Island of Serenity East of the Park
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Dupont Circle
The Best of DC (For a Price)
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Foggy Bottom & West End
Where the Institutional Meets the International
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Forest Hills
Ambassadors and Adventurous Architecture
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Foxhall Village
350 Homes Just West of Georgetown
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Friendship Heights
A Shopping Mecca With a Few Places to Live
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Georgetown
History, Hoyas and H&M
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Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
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Kalorama
A Posh View From Embassy Row
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LeDroit Park
A Quiet Enclave in the Middle of the City
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Logan Circle
Trendy Now, But Not By Accident
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Mount Pleasant
Sought-After Homes Surround Main Street in Transition
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Mount Vernon Triangle
From Seedy to Sought-After
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Palisades
The Long, Skinny Neighborhood at the City’s Northwest Edge
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Park View
It’s Not Petworth
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Penn Quarter/Chinatown
DC’s Go-Go-Go Neighborhood
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Petworth
Getting a Vibrancy of Its Own
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Shaw
The Duke’s Former Stomping Ground
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Shepherd Park
DC’s Garden of Diversity
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Spring Valley
A Suburb With a DC Zip Code
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Takoma
Not To Be Confused With Takoma Park
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Tenleytown
Not Quite Like Its Neighbors
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U Street Corridor
The Difference a Decade Makes
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Woodley Park
Deceptively Residential
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Adams Morgan
No Longer DC’s Hippest Neighborhood, But Still Loved by Residents
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Southwest DC
The little quadrant that could
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Southwest Waterfront
A Neighborhood Where A Change Is Gonna Come
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Northeast DC
Profiles of 10 neighborhoods in NE
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Brookland
New Development Could Shake Up Pastoral Peace
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Deanwood
A Little Bit of Country Just Inside the District’s Borders
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Eckington
Not to Be Confused With Bloomingdale
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Fort Totten
Five Years Could Make a Big Difference
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H Street
A Place To Party, and To Settle Down
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Langdon
The Northeast Neighborhood That Few Know About
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Michigan Park
A Newsletter-On-Your-Doorstep Community
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NoMa
Evolving from a Brand to a Neighborhood
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Rosedale
Ripe for Investment Right About Now
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Trinidad
The Difference 5 Years Makes
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Woodridge
Big Houses, A Dusty Commercial Strip and Potential
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Southeast DC
6 neighborhoods from Capitol Hill to East of the River
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Capitol Riverfront
Still Growing
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Hill East
Capitol Hill’s Lesser Known Neighbor
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Congress Heights
Gradually Rising
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Hillcrest
Notable for Its Neighborliness
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Historic Anacostia
Future Promise Breeds Cautious Optimism
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Eastern Market
A More European Way of Living
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