The median home price in DC last month came in at $686,000, a new record high for the city. But median price only tells a portion of the story when it comes to home values in the city. So, UrbanTurf analyzed prices for condos, co-ops, rowhouses and detached single family homes over the last year to provide a more clear sense with what is happening with prices in the city.
Over the last year, condo and co-op prices have probably seen the least fluctuation of the three main property types in the city. Median sale prices are down slightly compared to May 2020, coming in just under $500,000. Condo prices have been similarly flat in the DC region, rising about 4% year-over-year to $370,000.
The increase in home prices for rowhouses and townhomes in DC over the last 12 months illustrates the increasing desire for more space that has emerged during the pandemic. Prices for this property type rose more than 20% in the last year to $925,000. The acceleration for rowhouse prices really started in the last three months which coincided with the supply of this property type dropping significantly.
No property type in the city witnessed a bigger pop this spring than detached single-family homes. The median sales price in DC increased over 40 percent in the last year to $1.24 million, the largest 12-month rise that detached single-family homes have ever seen. The supply of this home type fell at almost the same rate that values increased: there is a 1.3-month supply, down 36% compared to last May.
This article originally published at http://dc.urbanturf.com/articles/blog/the-3-charts-that-explain-dc-home-prices/18401
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