Current home values in District of Columbia

Home values have been declining throughout District of Columbia and are down -7.0% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $1,097,601, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in District of Columbia: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $1,097,601 home at 3.33% would give a typical District of Columbia homebuyer a monthly payment of $3,860, assuming a 20% down payment.

How the District of Columbia housing market stacks up

Family posing for photo
Hay Kesteloo / Shutterstock
Families can pose for photos in D.C. and pretend like they're tourists

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in District of Columbia, they're predicted to rise 4.3%.

Homes right now are going on the market in District of Columbia at a median price of $522 per square foot, versus $134 per square foot nationwide.

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

District of Columbia home prices over the last 10 years

Year Avg. Price
2020* $639,112
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

*2020 price average through March 31, 2020.

How much for an average-sized home?

Here's what a 2,500-square-foot home in 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
2020* $1,305,593
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

*2020 price average through March 31, 2020.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."