A year ago, the median price for a single-family home in DC crossed the $1 million threshold for the first time. That was a sign of things to come.
2021 will likely go down as the year that prices for every type of house in DC broke a record. So far this year, the median home price for townhouses and detached single-family homes are well above their highest level on record.
As the table above illustrates, house prices in DC for the first nine months of 2021 are well above the median prices for the same period for each of the previous nine years. Prices for townhouses in the city have risen 45% (when adjusted for inflation) since 2012; detached house prices have risen 35% during the same period.
The record prices are the result of a huge demand for houses since the pandemic began and a dwindling supply. Between 2012 and 2018, there was about a 2.5-3-month supply of houses on the market during the third quarter of the year, however in 2019, that supply dropped to two months. And then in 2020, it fell to about a month and only started increasing again in the last quarter.
UrbanTurf will revisit these stats in January to see if 2021 was in fact a record-breaking year.
This article originally published at https://dc.urbanturf.com/articles/blog/every-type-of-house-in-dc-will-likely-break-a-record-this-year/18850.
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