Homes on Capitol Hill
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 will take a look at select neighborhoods around the city to see how housing prices have fared during that stretch.
We start the series this week with Capitol Hill.
The 20 Percent Increase For Two-Bedrooms
While not the most prevalent property type on the Hill, two-bedroom condos and rowhouses are available throughout the neighborhood. The median price for a two-bedroom back in the first quarter of 2008 was $541,000 and that rose to $650,000 in the fourth quarter of 2015. Aside from a spike in the second quarter of 2015 to almost $800,000, the rise of two-bedroom prices in the neighborhood over the last eight years was slow if not a little bumpy.
From $720,000 to $985,000
Between the first quarter of 2008 and the final quarter of 2015, the median price for a three-bedroom on Capitol Hill rose a whopping 37 percent or $265,000. Between 2008 and 2013, the price for three-bedrooms increased gradually. It wasn’t until the fourth quarter of 2013 that prices spiked about $100,000 to over $900,000 and stayed in this territory for the next three years.
The $300,000 Increase For Four-Bedrooms
Home prices for four-bedroom houses on the Hill saw the largest dollar increase among the three property sizes, rising from $852,250 to $1,152,500 in eight years. By and large, the 30 percent increase was pretty gradual until the first quarter of 2012 when prices crossed the $1 million mark and stayed there. UrbanTurf has reached out to RealEstate Business Intelligence to figure out what happened to the price data in first quarter of 2014 when there appears to be a significant dip.
This article originally published at http://dc.urbanturf.com/articles/blog/the_difference_8_years_makes_with_capitol_hill_home_prices/10937
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