Have house prices in your neighborhood doubled or tripled in the last decade or so, making buying a house seem far out of reach? Or did the bust leave many house and condo owners underwater and they still haven’t recovered? It depends on where you live.
The DC government statistical number crunchers behind the District, Measured blog made some great graphs of changes in the real estate market for single-family homes.
The graph above shows how in the last six years, prices have risen the most in neighborhoods like Eckington and Brookland, places which had modestly-priced housing but good access to transportation and/or downtown. The biggest rise by far was Trinidad, where the prices have jumped 141% since 2009.
Before 2009, of course, prices dropped significantly in many areas. Most central DC neighborhoods have seen prices rise since the bust even more than they dropped, but that’s not the case in two general parts of the city: many neighborhoods west of Rock Creek Park, where prices were sky-high before the bust, and east of the Anacostia River.
East of the river, the insane real estate market of central DC seems very far away; as Congress Heights blogger Nikki Peele wrote,
My condo, which I purchased in 2007 for the very modest price of $150,000 is now appraising at $65,000 — and I am one of the lucky ones! Some of my friend’s who own Ward 8 condos have units that are appraising for less than $30,000! Then I have friends who just walked away from their condos entirely.
This graph shows how prices in various neighborhoods changed over time. See how the three east of the river neighborhoods in this graph (Congress Heights, Deanwood, and Hillcrest) look so different from the west of the river ones. Hillcrest is one of the wealthiest areas east of the Anacostia and had a price trajectory very similar to Petworth until 2009; after that, their paths diverged.
The neighborhoods west of Rock Creek Park, by contrast, are largely in a wholly different class.
A few important caveats: This data is all for single-family homes (detached houses, semi-detached, and townhouses), not condos. It’s sale prices, not rentals. So this tells you about the cost of buying a house on its own land, but not the cost to many other residents of living in these areas.
The data also doesn’t control for home size; that’s not so important when looking at the change in prices, but absolute price of houses absolutely does vary based on size.
What do you notice in the data?