Kalorama Home Prices Since Obama Took Office

by Nena Perry-Brown

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.


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.


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.


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.


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 https://dc.urbanturf.com/articles/blog/an_8-year_snapshot_of_kalorama_home_prices_in_four_charts/11294

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