No local jurisdiction except the District was spared from falling home prices, and some of the hardest hit Zip codes in the suburbs had declines of more than $100,000.Washington, DC:
Region-wide, the median sales price for single-family houses and townhouses fell 8 percent, to $382,500 from $417,000, in 2007, according to a Washington Post analysis of government sales records. The median price for condominiums also fell 8 percent, to $268,000 from $289,900.
— The District fared the best out of all the jurisdictions in the region, according to The Post's analysis. While sales volume slid 30 percent, to 2,239 homes from 3,212 in 2007, the median home price rose 8 percent, to $520,000, from $480,000.Northern Virginia:
The biggest price increase occurred in Georgetown's 20007 Zip code, one of the District's most expensive neighborhoods. There, the median home price shot up 18 percent, to $1,075,000 from $909,150, even as the number of sales decreased to 199 from 237. ...
Meanwhile, the Zip code with the biggest drop in median home price was 20011, which includes parts of Petworth and Columbia Heights. There home prices fell 10 percent, to $375,000 from $415,000, and homes sales dropped to 290 from 433. Data for the District and the other jurisdictions in this story exclude condos.
— Prince William County, plagued by foreclosures stemming from the subprime meltdown, had the region's steepest price decline. The county's median home price fell 23 percent, to $300,000, in 2008, down from $390,000 in 2007. Volume also plummeted, with 4,961 homes sold compared with 6,755. ...Maryland:
— In Loudoun County, demand picked up as prices fell. The median home price dropped 17 percent, to $410,000 from $492,000, and the number of homes sold jumped to 4,885 from 4,034. The falling prices are a legacy of Loudoun's ambitious growth during the boom years. ...
— In Fairfax County, the median home price fell 14 percent, to $445,000 from $520,000, and volume declined to 9,852 homes sold from 10,851. Several Zip codes had six-figure drops.
The median home price for a house in Herndon, Zip code 20170, for example, fell 34 percent, to $309,000 from $469,900, but home sales jumped to 499 from 317. ...
— In Alexandria, the median home price fell 5 percent, to $550,000 from $580,000, while the number of homes sold fell to 832 from 1,315. It remained the region's priciest jurisdiction. ...
— In Arlington, the median home price fell 7 percent, to $543,000 from $581,000, while the number of homes sold fell to 1,375 from 1,713.
In South Arlington's Zip code 22204, the county's least expensive area, prices fell 11 percent, to $385,150 from $435,000, while home sales also decreased to 288 from 310.
— Montgomery County experienced the steepest drop in home prices among the suburban Maryland jurisdictions, a sharp reversal for a county that had otherwise withstood some of the worst of the housing bust.
The median home price fell 11 percent, to $440,000 from $495,000, and sales volume plummeted to 7,195 from 8,598.
While prices declined in the majority of Zip codes, some of the steepest drops were in the northernmost areas.
Germantown, Zip code 20874, posted an 11 percent decline, falling to $314,990 from $353,750. Nearby Gaithersburg, Zip code 20877, posted a 20 percent decline, to $350,000 from $438,060. ...
— The housing market in Prince George's County continued to erode. The median home price fell 7-percent in the county, to $314,910 from $340,000, while sales volume fell to 3,831 from 7,993 in 2007. ...
Other Maryland jurisdictions also took a hit.
— In Anne Arundel County, the median price fell 5 percent, to $322,500 from $339,000. Home sales fell to 4,928 from 6,479.
— In Charles County, the median price fell 5 percent, to $309,990 from $325,000. There were 1,170 sales, down from 1,918.
— In Calvert County, the median price fell 5 percent, to $315,000 from $332,800. Sales fell to 500 from 782.
— In Frederick County, the median price fell 8 percent, to $300,000 from $324,900. Sales fell to 1,490 from 2,473.
— In Howard County, the median price fell 3 percent, to $391,903 from $402,500. Sales fell to 2,369 from 2,972.
— In St. Mary's County, the median price fell 7 percent, to $285,000 from $305,000. Sales fell to 899 from 1,080.