How Valuable Are Pre-World War II Homes in the DC Area?
by John Egan
December 12, 2016
In the Washington, DC, home market, newer isn’t necessarily better.
According to data from the Census Bureau’s American Community Survey for 2011-15, the median value of a DC-area home built in 1939 or before is $525,900 -- the highest value of any time period. DC-area homes built in 2014 or after carry the next highest median value: $506,600.
Neither the very oldest nor the very newest homes are the most common in the DC area, though.
In the region, 33.6 percent of owner-occupied homes were built in the 1980-99 span, making it the biggest group based on age, our analysis finds. Just 0.1 percent of homes in the DC area were built in 2014 or after, whereas 8.2 percent of homes were built in 1939 or before.
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Steeped in History
Leslie White, a Redfin real estate agent in the DC area, explains that the District and its close-in suburbs tend to be the most desirable places to live in the region and, therefore, have the highest home values. These desirable spots also are the region’s oldest neighborhoods.
“The housing stock in the District of Columbia is largely historic homes and apartment buildings built prior to the 1940s -- many built at the turn of the century or earlier,” White says.
“You’ll find newer homes in more car-oriented neighborhoods in the surrounding suburbs,” White adds. “Most of the brand-new, single-family home construction tends to be quite far out where there is room to build and land is relatively cheap.”
Among the DC-area neighborhoods with the most old homes are Capitol Hill, Cleveland Park, Woodley Park, Old Town Alexandria and Georgetown, she says.
“Georgetown is an expensive enclave in the city and one of the oldest parts of the District. It was established before Washington, DC, was actually founded,” White says. “The neighborhood consists of historic rowhomes and some detached homes dating to the 1700s and 1800s.”
‘A Great Investment’
While the median value of DC-area homes built in 1939 or before (like those in Georgetown) leads the pack, the aggregate value of these historic homes does not.
As a group, DC-area homes built from 2000 to 2009 are the most valuable -- worth more than $111.6 billion, according to our analysis of Census Bureau data. Collectively, homes built in 2014 or after are the least valuable, at nearly $993.5 million. Meanwhile, the total value of homes built in 1939 or before is close to $69.5 billion.
“An older home can be a great investment and a make a lovely home,” White says. “Despite creaky stairs or small kitchens, many of the older homes in DC were built to last and have done so beautifully.”
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