The 10-Year Trajectory of DC-Area Home Prices in 4 Charts
✉️ Want to forward this article? Click here.
Home prices in the DC region have risen on an annual basis for seven consecutive months, so as we head into the holiday weekend, UrbanTurf decided to take a closer look at how much home values have shot up in the region during the last decade.
Below we analyze four charts that show the path of home prices for a variety of property types since 2014.
Home prices in the DC area peaked at a record of $600,000 in the spring of last year before dropping in the last two quarters as homebuyer demand fell. Despite the drop, the median home price of $562,750 in the area at the end of 2023 represented a 40% increase compared to 2014 when the median home price in the region was $403,000.
story continues below
loading...story continues above
As the chart above shows, prices for detached homes in the DC region started increasing noticeably around the time that the pandemic began. Between the beginning of 2020 and then end of last year, median prices for this property type increased $170,000, hitting a record high in the second quarter of 2023. Given the low availability of homes on the market and continued demand for this property type, we anticipate that prices will continue to rise for detached homes in 2024.
Like detached single-family homes, the prices for rowhouses and townhouses were in the "never been higher" category last year when they rose above $565,000. The median price for this property type came down to $555,000 at the end of the year, but that still represents a 42% gain compared to ten years ago.
While they haven't risen as fast as prices for other property types, condo and co-op prices have seen a fairly steady rise over the last ten years. Similar to detached homes and townhouses, prices for condos and co-ops hit a record high in the second quarter of last year, and have increased 32% since 2014.
Data courtesy of Bright MLS.
This article originally published at https://dc.urbanturf.com/articles/blog/the_10-year_trajectory_of_dc_home_prices_in_4_charts/21974.
Most Popular... This Week • Last 30 Days • Ever
Today, we take a closer look at home insurance.... read »
Monument Realty and Mosaic Realty Partners redevelopment plans for a surface parking ... read »
A new report shows that apartment rents rose ever so slightly in DC over the last yea... read »
Plans to convert a downtown DC office building into a large apartment project continu... read »
Kite House at The Parks at Walter Reed sold seven residences in September alone. The ... read »
- A Look at What is Covered By Home Insurance
- 235-Unit Development With Public Park Pitched For Downtown Bethesda Looks To Move Forward
- A Snapshot Of Apartment Rents Across The DC Area
- 400-Unit Office-To-Residential Conversion Pitched in DC's West End Heads To BZA
- A No Down Payment Assistance Program at Kite House, DC’s Best Selling Condominium
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro