The backyard of a Chevy Chase home that sold in 2014.
It has been eight years since the bottom fell out of the national housing market, and while DC wasn’t affected as adversely as other parts of the country, UrbanTurf is taking a look at select neighborhoods around the city to see how housing prices have fared during that stretch.
We have analyzed Capitol Hill and the zip code that includes neighborhoods like Shaw, Bloomingdale, LeDroit Park and Mount Vernon Square. This week, we head to the land of high-priced, single-family homes in Chevy Chase DC.
The Slow Increase For Three-Bedrooms
Of all the property types and sizes that we have analyzed across DC so far, three-bedroom home prices in Chevy Chase DC have increased at the slowest rate. Between the first quarter of 2008 and third quarter of 2015, the median sales price rose from $808,000 — $889,000 in 2016 dollars — to $938,500, which amounts to about a 5.7 percent increase in inflation-adjusted terms.
A $247,000 Increase For Four-Bedroom Homes
Detached four-bedroom homes — the property type and size that you most often find in Chevy Chase — have seen prices rise almost $250,000 over an eight year period. Prices were actually pretty flat until the first quarter of 2014 when they shot up and stayed well above $1 million. Between the first quarter of 2008 and first quarter of 2015, the median sales price rose from $853,000 — $939,000 in 2016 dollars — to $1.1 million, which amounts to about a 17 percent increase in inflation-adjusted terms.
The Bumpy Ride For Five-Bedrooms
The trajectory of home prices for five-bedroom homes in Chevy Chase over the last eight years can best be described as up and down. Between the second quarter of 2008 and the fourth quarter of 2015, prices hit a low of $800,000 and a high of $1.45 million. Over the eight year period, prices rose from $1.07 million in the second quarter of 2008 to $1.262 million in the second quarter of 2015, about an 8 percent increase in inflation-adjusted terms.
This article originally published at https://dc.urbanturf.com/articles/blog/the_8-year_rise_of_chevy_chase_home_prices_in_three_charts/10991.
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