A home on Highland Place in Cleveland Park.
The DC area housing market took a hit in 2008, but the impacts varied widely depending on the neighborhood. UrbanTurf has been taking a look at some of these neighborhoods around the region to see how housing prices have fared over the past eight years.
We have examined Capitol Hill; the zip code that includes Shaw, Bloomingdale, LeDroit Park and Mount Vernon Square; Chevy Chase DC; Trinidad; Columbia Heights; the 20020 zip code, which includes Historic Anacostia, Naylor Gardens and Hillcrest; and Petworth.
This week, we are taking a look at how prices fared in Cleveland Park.
Price Fluctuations For One-Bedrooms
Prices on one-bedroom units in Cleveland Park bounced around over the last eight years, ending up slightly below their 2008 levels at the beginning of this year. In the second quarter of 2008, one-bedrooms went for an inflation-adjusted median price of $356,087 — 5 percent higher than they did at the beginning of 2016. Prices dipped to an eight-year low of $283,323 in the second quarter of 2009, so the late 2015 price of $338,083 represented a 19.3 percent recovery from that low point.
A Six Percent Dip on Two-Bedroom Units
The two-bedroom condo and co-op market in Cleveland Park fared similarly to that of one-bedrooms, although prices varied widely between 2010-2012. At their lowest point in the second quarter of 2010, two-bedrooms went for the inflation-adjusted median of $365,843. By the third quarter of 2012, the median price had jumped 43 percent to $523,261. At the beginning of this year, prices had dipped back down to $454,126, about six percent lower than in the second quarter of 2008.
A Roller Coaster Ride For Four-Bedrooms
Four-bedroom detached homes represent the other — more high-end — side of the housing market in Cleveland Park. However, like the market for one- and two-bedrooms, things have been a little bumpy for this property type over the last eight years. The roller coaster ride started in 2008 when prices dipped from $1.5 million down to $893,000 in 2010 and then back up to $1.8 million in 2011. At the beginning of 2016, the median price sat at $1.9 million, a 15 percent increase compared to eight years ago (when adjusting for inflation).
(Note: The dips to zero on the chart are quarters in which no four-bedroom detached homes sold in the neighborhood.)
This article originally published at https://dc.urbanturf.com/articles/blog/the_8-year_price_recovery_in_cleveland_park/11213.
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