The DC-Area's Lowest-Priced Homes Saw the Highest Growth in Value in the Past Year
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.
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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.
See other articles related to: affordability, home prices, home values, zillow
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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