Last week GM explored the question of whether Georgetown’s real estate market thawed out in the spring only to crash again this summer. Yesterday the New York Times published an article claiming that homes in DC had actually risen 1.3 percent from April to May of this year. Here’s the chart of how the DC home prices have changed from the year earlier since 2001:
From this chart, it would appear that the DC market has been pulling back from the brink steadily since the beginning of the year. Home prices are still down 14% from a year earlier, but in December it was almost 20% down.
Do you think this chart reflects Georgetown? GM still thinks home prices are at 2004ish levels, but perhaps they’re starting to turn back around. Will we see 2005 numbers by 2010?