A Dupont Circle two-bedroom condo that sold in 2011.
Earlier this week, news came out that the median price of a DC home came close to eclipsing $600,000 in May, the highest level on record for the city. Rising home prices have been a frequent theme in headlines about the local housing market in recent years, with readers often noting how far the market has come since the housing crisis in 2008 and 2009.
However, a true measure of how much homes have appreciated in value would be to go back before the crisis and look at prices. So, with the help of Brightly MLS, that’s what we decided to do.
Brightly MLS provided UrbanTurf with median home prices for a selection of property types and sizes for May 2007 and May 2017. Those values are outlined in the table below.
At first glance, the values have all increased notably, save for one-bedroom condos and co-ops where values rose just about 2 percent. However, if you adjust for inflation, home price appreciation is notably more modest, and prices for one-bedroom units have actually dropped by 15 percent. In fact, two-bedroom units, with an inflation-adjusted price appreciation of 22 percent, were the only properties to see double-digit price appreciation gains in the ten-year span.
This article originally published at https://dc.urbanturf.com/articles/blog/from_2007_to_2017_the_real_trajectory_of_dc_home_prices_in_the_past_decade/12687.
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