As the economy tanked, home values in the Washington region plunged in 2008, according to a new report.
Homeowners in the Washington region lost $88 billion in home value in 2008, including $25 billion in the fourth quarter alone. That a 14.8 percent drop in home values, according to Zillow.com's recently released real estate numbers.
The Zillow Home Value Index now stands at $334,443, down from the market peak of $444,869 in the second quarter of 2006. The last time it was at its current level was the first quarter of 2004.
Overall, Zillow said all U.S. homeowners lost $1.4 trillion in home values in the fourth quarter of 2008, which was more than in all of 2007. The value of homes in the U.S. has declined 17.5 percent since the market's peak in 2006.
In the D.C. metro area, close to 43 percent of all homes sold during 2008 were done so at a loss, and nearly 25 percent of all D.C.-area transactions were foreclosures. Over the past 12 months, Zillow said more than 91 percent of all homes in the area lost value.
Current Metro Area Home Value Index
All Homes $334,443
Single Family $370,424
Condo/Coop $256,944
Bottom Tier $229,728
Middle Tier $329,830
Top Tier $546,641Home Values Year-to-Year (2007 to 2008)
Washington DC-VA-MD-WV $334,443 -14.8%
Alexandria $381,133 -2.0%
Arlington County $513,585 -2.2%
Calvert County $317,460 -7.5%
Charles County $297,058 -12.3%
District of Columbia $379,794 -9.4%
Fairfax County $405,357 -13.1%
Fauquier County $315,490 -18.3%
Frederick County $276,000 -13.3%
Loudoun County $352,006 -15.3%
Montgomery County $398,772 -11.7%
Prince Georges County $287,764 -15.7%
Prince William County $244,552 -25.4%
Spotsylvania County $216,132 -16.6%
Stafford County $243,033 -21.7%
Fun with Charts and Graphs:
Local
Washington, D.C., Maryland and Virginia local news, events and information
Washington Area Home Appreciation
Home Value Maps for Washington Area
Click here to see the entire Zillow.com report for the Washington metro area.
