A home on Ridge Street in the 20001 zip code.
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 started the series last week with Capitol Hill, and this week move on to the 20001 zip code that includes neighborhoods like Shaw, Bloomingdale, LeDroit Park and Mount Vernon Square. (While we would prefer to cover each of these neighborhoods individually, there is not enough historical data for the individual advertised subdivisions to do an appropriate analysis of each.)
A $100,000 Increase For Two-Bedrooms
Between the first quarter of 2008 and first quarter of 2013, the median sales price for two-bedroom condos and co-ops in 20001 broke $450,000 only once. Since the beginning of 2013, it hasn’t dropped below that price level. The median sales price over the last eight years has risen from $439,000 — $483,000 in 2016 dollars — to $535,000, which amounts to about a 10.8 percent increase in inflation-adjusted terms, or an average of 1.29 percent annually.
A 60 Percent Jump For Three-Bedrooms
Three-bedroom rowhouses saw substantial price appreciation in the 20001 zip code between 2008 and 2016, increasing over $325,000. Interestingly, prices dipped down to $319,000 in 2010 before going on a five-year heater. Even when accounting for inflation, prices still rose a whopping 60 percent in the zip code during the eight-year period, or an average of 6.08 every year.
From $618,000 to $902,000 For Four-Bedrooms
Home prices for four-bedroom houses in 20001 increased $280,000 over the eight-year period. Prices started increasing pretty steadily in the third quarter of 2011 with only a few minor drops here and there during the next five years. On an inflation-adjusted basis, prices have risen 33 percent since the first quarter of 2008, or 3.59 percent per year.
This article originally published at http://dc.urbanturf.com/articles/blog/the_8_year_price_increase_in_shaw_bloom_and_mount_vernon_square/10961
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