As prices in DC hit new records last year, we decided to take a closer look at how home values have shot up in the city over the last decade. Below we analyze four charts that show the path of home prices for a variety of property types since 2011.
In the fourth quarter of 2021, the median price for a home in Washington, DC came in just below $700,000, the highest level on record for the city on a quarterly basis and almost 10% higher than a year earlier. The median price represents a 78% increase compared to the fourth quarter of 2011 (40% when adjusted for inflation), when the median price was just under $400,000.
The year 2021 will likely be remembered as the peak for detached single-family home prices in DC, as the median price reached a new high of $1.27 million in the second quarter. The year ended with the median price at $1,100,000, doubling the price of a single-family home in late 2011.
The rise in rowhouse prices in the District over the last decade is the most pronounced of any property type in the city. The median price for a rowhouse at the end of 2011 was $386,000; at the end of 2021, the median value had risen to $877,000, a whopping 127% increase.
In the second quarter of the year, condo and co-op prices in DC hit a new high of $522,000. In the fourth quarter, prices for this property type settled back down at about $505,000, a 40% increase compared to the end of 2011 when the median price was $362,000.
Data courtesy of Bright MLS. Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/the-10-year-trajectory-of-dc-home-prices-in-four-charts/19318.
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