Home prices across the country and in the D.C. area are on the upswing from 2011 as the real estate market continues to stabilize, according to Case-Schiller Housing Index data released Tuesday. However, Georgetown's average home price has taken a bit of a hit of late.
In the D.C. metro area, the seasonally adjusted price index (which measures the average sale price for single-family homes) for November 2012 was 188.12—that's up from 180.15 in November 2011 and 182.82 in November 2010.
The numbers are calculated based on the repeat sale of existing single-family homes, where the baseline of 100 is the average price as of January 2000.
Home prices have risen significantly in the D.C. metro area since 2000. The high point in the D.C. metro area was in May 2006, when the index hit 251.19. The bottoming out of the index in our area after the real estate boom was in April 2009, when the index declined to 169.73.
What does it all mean in real dollars?
According to data from Trulia.com, a real estate site, the median sales price for homes in Georgetown was $800,000 between October and December 2012, the most recent data available for the area. The median price is down about 17.5 from the third quarter (July through September) of 2012 and down about 8.8 percent from the same period in 2011.
The median price of residential properties throughout D.C. between October and December 2012 for most ZIP codes ranged from $37,000 to more than $5 million. (You can look up your neighborhood here.) The median sales price for Georgetown is about 78.2 percent higher than the median sales price for D.C.
There are 25 residential properties on the market with Georgetown addresses right now.
The most expensive home with a Georgetown address is 3053 P St. NW—a 9-bedroom, 11-bathroom Grande Dame. It has an elevator, a two-bedroom staff apartment, a pool and parking for 6 cars in addition to high-end amenities. The home was built in 1874. The price: $9.25 million. See the listing here.
Looking for a home? Check out Patch's real estate section here for homes for sale in Georgetown, mortgage information and more.
Are you happy with the current value of your home? Comment below!