As prices in DC hit new records last year, we decided to take a closer look at how home values have shot up in the city during the last decade. Below we analyze four charts that show the path of home prices for a variety of property types since 2013.
Home prices in DC peaked at around $700,000 last year before dropping in the last two quarters as homebuyer demand fell. Despite the drop, the median home price of $634,000 in the city at the end of 2022 represented a 44% increase compared to 2013 when the median home price in the city was $440,000.
A year ago, UrbanTurf thought that 2021 would be remembered as the year that detached single-family home prices in DC set a record. In fact, prices may have peaked last year when the median price for this property rose north of $1.3 million. The year ended with the median price at $1,242,000, well more than double the price of a single-family home in early 2013.
Like detached single-family homes, the prices for DC rowhouses and townhouses were in the "never been higher" category last year when they rose above $900,000 for the first time. The median price for this property type came down to $817,500 at the end of the year, but that still represents a 61% gain compared to ten years ago.
In the second quarter of 2022, condo and co-op prices in DC hit a new high of $525,000. Prices dropped as the year progressed, ending the fourth quarter at $480,000, a 23% increase compared to the beginning of 2013.
Data courtesy of Bright MLS. Photo courtesy of HD Bros.
This article originally published at https://dc.urbanturf.com/articles/blog/the_ten-year_trajectory_of_dc_home_prices_in_four_charts/20666.
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