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Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in the District of Columbia?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in the District of Columbia is cooling off, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in D.C.

Home values have been declining throughout the District of Columbia and are down 0.98% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $564,500, Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.57%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.57% and the median home price for the District of Columbia at $564,500, a representative monthly mortgage payment would be $2,557.

How the the D.C. housing market stacks up

Washington, D.C. skyline with highways and monuments.
Sean Pavone / Shutterstock
Washington, D.C. skyline with highways and monuments

Property values in the District of Columbia are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in the District of Columbia, they're expected to rise 2.16%.

Homes are going on the market in the District of Columbia at a median price of $505 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

D.C. home prices over the last 10 years

Year Avg. Price
2019* $686,900
2018 $687,550
2017 $651,117
2016 $598,542
2015 $546,850
2014 $496,508
2013 $443,767
2012 $392,375
2011 $373,217
2010 $374,075
2009 $375,133

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in the District of Columbia is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $1,262,500
2018 $1,270,000
2017 $1,222,500
2016 $1,152,500
2015 $1,092,500
2014 $1,012,500
2013 $940,000
2012 $860,000
2011 $827,500
2010 $830,000
2009 $822,500

*2019 price average through August 2019.