The patio at Wonderland. By yawper.
Although the 2008 recession didn’t wallop the DC housing market as drastically as the rest of the country, prices in the area were affected. UrbanTurf has spent the first few months of 2016 looking at a sample of neighborhoods around the region to see how housing prices have fared over the past eight years.
We have analyzed Capitol Hill; the zip code that includes Shaw, Bloomingdale, LeDroit Park and Mount Vernon Square; Chevy Chase DC; and Trinidad. This week, we head over to check out price trends in Columbia Heights.
A 15 Percent Increase For One-Bedroom Condos
With all the new construction in the neighborhood, the stock of one-bedroom condos and co-ops has risen in Columbia Heights over the last eight years. In the second quarter of 2008, the median price for a one-bedroom in the neighborhood stood at $299,900 — by the first quarter of this year, that price had risen to $381,720. After taking inflation into account, the price increase comes out to a noticeable yet reasonable 15 percent. After several years of fluctuating around the $300,000 mark, the marked price increase for this property type came in the second quarter of last year when prices headed above $350,000.
A Marginal but Steady Increase For Two Bedrooms
After a bumpy ride at the end of 2008 and into 2009, prices for two-bedrooms in Columbia Heights steadily rose about 11 percent (inflation adjusted) over the course of the next seven years. Units that were selling in 2008 for $447,000 were fetching a median of $550,000 in the last quarter of 2015. Starting in about the middle of 2011, prices started rising from the $400,000 mark and have been above $500,000 since mid-2013.
Three-Bedroom Rowhome Prices Rise 50 Percent
Prices for three-bedroom rowhomes in the neighborhood saw the largest increase of the three property types featured. These homes sold for a median price of $387,500 in the second quarter of 2008, but were going for $641,250 by the top of this year. Even when adjusted for inflation, the difference in price is over $213,000, amounting to an almost 50 percent jump in prices. While the three-bedroom attached home market vascillated a lot since bottoming in 2008, prices have been steadily increasing since 2012.
This article originally published at http://dc.urbanturf.com/articles/blog/the_8-year_rise_of_columbia_heights_prices_in_three_charts/11126
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