In the first three months of the year, DC home prices have dropped across the board, which is in contrast to past years when prices just seemed to go in one direction: up. Below, UrbanTurf highlights four charts that show the path of home prices for a variety of property types in 2023.
DC home prices fell about 8% year-over-year in the first quarter of 2023. While the median home price in the city is still $600,000, prices have not been this low in more than three years.
The price of a detached home saw the most significant drop, falling about 13%; last year, the median price for this property type hit an all-time high in the city. Seasonally, prices for detached homes are generally lowest in the first quarter of the year, so expect a rebound in the coming months.
Townhouse prices in DC fell 6% to about $788,000 in the first quarter of 2023. It is the lowest that townhome prices have been in about three years. While the drop is notable, prices for townhouses are only about $100,000 lower than their record high.
Condo and co-op prices have been low in the city for the last three quarters as interest rates have risen. The median price at the beginning of 2023 is an 11% drop compared to the first quarter of 2022. Demand for condos and co-ops has picked up a bit over the last month, so it will be interesting to see if that translates to an increase in prices in the second quarter.
This article originally published at https://dc.urbanturf.com/articles/blog/dcs_falling_home_prices_in_4_charts/20987.
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