A house in Petworth.
The DC area housing market took a hit in 2008, but the impacts varied widely depending on the neighborhood. UrbanTurf has been taking an early 2016 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; and the 20020 zip code, which includes Historic Anacostia, Naylor Gardens and Hillcrest.
This week, we are taking a look at how prices fared in Petworth.
The Proud and Few One-Bedroom Condos
While Petworth isn’t known for its one-bedroom condominium and co-op market, this property type is becoming more prevalent as the neighborhood has seen a gradual uptick in development over recent years. One-bedroom condos were going for a median price of $304,000 at the beginning of this year — a 29 percent increase since the third quarter of 2008, when the median price was an inflation-adjusted $235,308.
(Note: The dips to zero on the chart are quarters in which no one-bedroom units sold in the neighborhood.)
Three-Bedrooms Recover 20 Percent
Prices for three-bedroom rowhouses in Petworth have risen 20 percent since the second quarter of 2008 when they were going for the median inflation-adjusted price of $393,692. Over the last eight years, median prices hit their lowest level in the first quarter of 2011, falling off 36.8 percent from 2008. By the end of 2015, the median price for this property type was back up to $470,639, which is 89 percent higher than the 2011 low-point of $248,783. The overall prices for three bedrooms have trended upward pretty consistently since 2011.
A Doubling for Four-Bedroom Rowhouses
Meanwhile, the prices for Petworth four-bedroom rowhomes were far less disrupted by the nationwide recession. Prices hit an inflation-adjusted low point of $336,879 in the third quarter of 2009, down 9 percent from the median of $370,520 in the second quarter of 2008. By 2016, the median price for this property size had nearly doubled to $731,750. This is a 97.5 percent increase from 2008 — and a 117 percent increase from the 2009 low.
This article originally published at https://dc.urbanturf.com/articles/blog/the_8-year_rise_of_petworth_home_prices_in_three_charts/11189.
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