(Photo courtesy keetsa.com/blog)
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, DC market.
Today, as President Obama prepares to mark his first anniversary in office, our estimates put White House at a bit less: $292.5 million, a drop of $15.6 million, or 5.1 percent 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 percent.
It’s a trend that’s playing out over much of the country. According to our latest data, the November Zillow Home Value Index for the United States fell 5 percent year over year. Not great, but consider how far it fell during the previous 12 months: 11.9 percent.
In the Washington DC metro area, the Zillow Home Value Index fell 3.6 percent from November 2008 to November 2009. That showed marked stabilization from the previous year, when it fell 15.6 percent.
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. See more details on the White House or see last year’s blog post, “What is the White House Worth?”