Over the past year, the least expensive homes in the DC area appreciated in value the fastest, according to a new report by Zillow based on observations of the trajectory of price growth.
Nationwide, home values grew at a comparable rate for the lowest and middle price tiers -- 9.8% for the low tier (from $129,158 to $141,832) and 9.9% for the middle tier (from $247,973 to $272,446) -- between February 2020 and February 2021. The highest price tier was nipping at their heels, experiencing 9.5% growth, rising from $490,944 to $537,815.
In the DC area, home value grew in a similar fashion to that seen nationwide: Homes in the lowest price tier were valued at $319,456 at the end of February 2021 compared to $290,556 at the end of February 2020, an increase of 9.9%, while the increase was almost 9.5% for the middle tier (from $441,493 to $483,254). For the highest tier, growth was 8.5%,from $725,802 to $787,659.
These dynamics illustrate the lack of options for buyers most concerned with affordability, often buying their first home in an attempt to break into markets as supply-constrained as the DC area's.
The study uses Zillow's Home Value Index.
Photo courtesy of Matthew Chi at HDBros.
This article originally published at https://dc.urbanturf.com/articles/blog/the-lowest-priced-homes-in-the-dc-area-saw-the-highest-growth-in-value-in-t/18074.
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