The 10-Year Trajectory Of DC-Area Home Prices In 4 Charts

• February 7th

by UrbanTurf Staff

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Home prices in the DC region have risen on an annual basis for several years, so as we head into the weekend, UrbanTurf decided to take a closer look at how much home values have shot up in the region during the last decade.

Below we analyze four charts that show the path of home prices for a variety of property types since 2015. 

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Home prices in the DC area peaked at a record of $637,000 in the spring of last year before dropping in the last two quarters as homebuyer demand fell. Despite the drop, the median home price of nearly $600,000 in the area at the end of 2024 represented a 55% increase compared to 2015 when the median home price in the region was $385,000. 

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As the chart above shows, prices for detached homes in the DC region started noticeably increasing during the onset of the pandemic. Between the beginning of 2020 and then end of last year, median prices for this property type increased $210,000, hitting a record high of $840,000 in the second quarter of 2024. Given the low availability of homes on the market and continued demand for this property type, we anticipate that prices will continue to rise for detached homes this year.

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Like detached single-family homes, the prices for rowhouses and townhouses hit a record in 2024 when they rose above $610,000. The median price for this property type came down to $585,000 at the end of the year, but that still represents a 56% gain compared to ten years ago.

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While they haven't risen as fast as prices for other property types, condo and co-op prices almost hit $400,000 for the first time last spring. Since the beginning of 2015, the median price for this property type has risen 35%. 

Data courtesy of Bright MLS. Photo courtesy of of Bayshore Creative Inc.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the_10-year_trajectory_of_dc-area_home_prices_in_4_charts/23165.