The 10-Year Trajectory of DC-Area Home Prices in 4 Charts

• February 16th 2024

by UrbanTurf Staff

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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. 

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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. 

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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.

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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.

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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.