When UrbanTurf launched way back in 2008, it was impossible to know the trajectory that home prices in DC would take over the next 11 years.
As prices in the city hit a record last month, we decided to take a closer look at that trajectory. Below we analyze four charts that show the path of home prices for a variety of property types over the last ten years.
In June, the median price for a home in Washington, DC hit $621,000, the highest level ever for the city. The median price represents a 63 percent increase compared to July 2009 (37 percent when adjusted for inflation), when the median price was a mere $381,000.
The median price for detached single-family homes has not experienced quite as precipitous a rise, increasing 33 percent over the last decade from $625,000 to $830,000. However, the increase would be much higher if we measured up to April 2018 when detached home prices hit a record of $971,000.
If you owned a DC rowhouse in 2009, it is worth a lot more today. The price appreciation for rowhouses in the city is one of the most pronounced over the last decade and an indication of the rise in popularity of the property type. Rowhouse prices in DC shot up a whopping 81 percent (52 percent adjusted for inflation) increasing from $420,000 to $760,000.
In June, the median price for a condo in DC hit $480,000, just below the record high of $490,000 set in 2017. The rise in prices for condos over the last decade has been notable, increasing 37 percent (6 percent when adjusted for inflation) from $380,000 to $480,000.
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/the-10-year-path-of-dc-home-prices-in-four-charts/15700.
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