Home Values Declining in the District of Columbia Amid Coronavirus Crisis
See how the housing market is doing in the Nation's Capital during COVID-19.
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
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.
