The 10-Year Trajectory of DC Home Prices in Four Charts

• February 25th 2022

by UrbanTurf Staff

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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 over the last decade. Below we analyze four charts that show the path of home prices for a variety of property types since 2011. 

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In the fourth quarter of 2021, the median price for a home in Washington, DC came in just below $700,000, the highest level on record for the city on a quarterly basis and almost 10% higher than a year earlier. The median price represents a 78% increase compared to the fourth quarter of 2011 (40% when adjusted for inflation), when the median price was just under $400,000.

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The year 2021 will likely be remembered as the peak for detached single-family home prices in DC, as the median price reached a new high of $1.27 million in the second quarter. The year ended with the median price at $1,100,000, doubling the price of a single-family home in late 2011. 

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The rise in rowhouse prices in the District over the last decade is the most pronounced of any property type in the city. The median price for a rowhouse at the end of 2011 was $386,000; at the end of 2021, the median value had risen to $877,000, a whopping 127% increase. 

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In the second quarter of the year, condo and co-op prices in DC hit a new high of $522,000. In the fourth quarter, prices for this property type settled back down at about $505,000, a 40% increase compared to the end of 2011 when the median price was $362,000.

Data courtesy of Bright MLS. Photo courtesy of HomeVisit.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the-10-year-trajectory-of-dc-home-prices-in-four-charts/19318.