When UrbanTurf launched way back in 2008, it was impossible to know the trajectory that home prices in DC would take over the next 13 years.
As prices in the city hit records last year, 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 since 2011.
In the fourth quarter of 2020, the median price for a home in Washington, DC hit $664,000, the highest level on record for the city on a quarterly basis. The median price represents a 67 percent increase compared to the fourth quarter of 2011 (44 percent when adjusted for inflation), when the median price was just under $400,000.
The end of 2020 represented a milestone for detached single-family home prices in DC, as the median price crossed the million-dollar threshold for the first time. Coming in at $1,050,000, the median was nearly double that of a single-family home in late 2011, when it was $539,000.
If you owned a DC rowhouse in 2011, it is worth a lot more today. Like detached single-family homes, rowhouse prices have shot up over the last decade. Specifically, values in DC increased 62 percent (39 percent adjusted for inflation) since late 2011, increasing from $386,000 to $625,000.
2020 was a year when condo and co-op prices followed suit with the rest of the property types in the city. In the fourth quarter, prices for this property type hit $505,000, just below the record of $520,000. Compared to the end of 2011 when the median price was $362,000, prices are up 39 percent (20 percent when adjusted for inflation).
Photo courtesy of HomeVisit.
This article originally published at http://dc.urbanturf.com/articles/blog/the-9-year-trajectory-of-dc-home-prices-in-four-charts/17929
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