Home in Chevy Chase DC
Last week, UrbanTurf began sifting through housing price data from the last decade to find out exactly what has been happening in zip codes around the city, using numbers provided by our friends at RealEstate Business Intelligence (RBI).
We started by looking at 20001, a transforming zip code (Bloomingdale, LeDroit Park and Shaw) that saw home prices double over the previous decade and a tenfold increase in the number of condos on the market.
This week, we decided to focus on 20015, which encompasses Chevy Chase DC, Barnaby Woods and a bit of Friendship Heights, an area where the housing stock has remained largely unchanged over the past ten years.
The trajectory of home prices in 20015 appears to track closely with what has happened in the housing market over the last ten years. Prices rose substantially between 2002 and 2007, when the market peaked, and have fallen from where they were five years ago. (Inspired by one of our commenters from last week, we calculated the constant dollar — i.e., inflation adjusted — values for each property type using this calculator from the Bureau of Labor Statistics.)
The other interesting statistic from the tables above is the drop in number of units sold so far in 2012 versus the first seven months of 2002 and 2007, which is likely illustrative of the 7-year inventory low that the area is currently experiencing.
This article is based on custom data provided to UrbanTurf by RealEstate Business Intelligence (RBI), a developer of real estate technology and information in the DC area.
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_adjusting_for_inflation_in_chevy_chase_dc/5899
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