While DC's rising home prices have been the story of recent memory, there are some areas of the city where home values have actually dropped this year. Today, UrbanTurf takes a look at the DC zip codes where home prices have fallen the most in 2021.
Below are the five zip codes with the greatest year-over-year price depreciation; data was culled from Bright MLS. In each case, more homes were sold year-to-date this year than last.
The 20008 zip code, which includes Cleveland Park and Woodley Park among other neighborhoods, saw sales prices drop the most year-over-year, falling nearly 12% to $550,773. While recent price drops in DC neighborhoods are often due to an increase in the share of condos and co-ops sold because these tend to have lower prices, that dynamic is less applicable in this case, as 69% of the units sold this year were condos compared to 66% in 2020. Prices went down across all property types, with 4+ bedroom homes as the lone exception.
The 20036 zip code, a downtown area that includes southern Dupont Circle to K Street where housing stock is predominately condos and co-ops, saw prices drop by 8.7% year-over-year. The 20004 zip code that includes Penn Quarter saw prices drop by more than 4%, as the proportion of condos sold was relatively constant year-over-year (93% vs. 94%).
Rounding out the top five are the zip codes of 20003 (portions of Capitol Hill, H Street, Near Northeast) and 20009 (portions of Logan Circle, Dupont Circle and Columbia Heights) where prices dropped ever so slightly compared to 2020.
This article originally published at https://dc.urbanturf.com/articles/blog/the-five-dc-zip-codes-where-home-prices-have-dropped-the-most-in-2021/18582.
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