RISMEDIA, January 25, 2010—With experts across the globe spending January analyzing Obama’s performance during his first year in office, we thought we’d join in and analyze what we here at Zillow know best: his current home.
We first gave the White House a Zestimate in January 2009 as the Obama family was preparing to take residence. At that time, we estimated it was worth $308 million, based on the home’s physical attributes (132 rooms, 55,000 square feet), historical value and housing performance in the local Washington, D.C. market.
Today, as President Obama prepares to mark his first anniversary in office, our estimates put the White House at a bit less: $292.5 million, a drop of $15.6 million, or 5.1% from last January.
But it’s not all bad news for the country’s most famous home. Just like most homes across the U.S., the White House’s decline in value over the past year was not as dramatic as it was the previous year. From January 2008 to January 2009, we estimate the White House lost almost $24 million in value, or 7.2%.
It’s a trend that’s playing out over much of the country. According to our latest data, the November 2009 Zillow Home Value Index for the United States fell 5% year over year. Not great, but consider how far it fell during the previous 12 months: 11.9%.
In the Washington D.C. metro area, the Zillow Home Value Index fell 3.6% from November 2008 to November 2009. That showed marked stabilization from the previous year, when it fell 15.6%.
A few of the White House’s attributes: It has 132 rooms, 55,000 square feet, 18 acres, 16 family-guest rooms, an underground bunker, three kitchens, three elevators and 28 fireplaces. Visit “What is the White House Worth?” to see more details about the White House or last year’s blog post.
For more information, visit www.Zillow.com.